View more on these topics

B2L deal needs no rental proof

Bananas Inc has released a two-year fixed-rate buy-to-let mortgage that has no requirement for proof of rental income.

The product, which is funded by Rooftop, is fixed at 5.99% for two years from completion and is available to 90% LTV.

Applicants for the deal must have a clean residential mortgage payment record and at least one buy-to-let mortgage which has been satisfactorily conducted for a minimum period of 12 months.

There is no higher lending charge attached to the deal.

Sue Cox, business manager at Bananas Inc, says: “Proof of rental income is a requirement of buy-to-let lenders but it can be a problem for borrowers with low rental yields.

“This product is specifically targeted at these people, with a competitive fixed rate of 5.99%. We are expecting buoyant demand from brokers and their clients for this product – especially from some of the more experienced landlords in the industry.”

But William Scott, mortgage adviser at Bestinvest, says: “I don’t think something like no rental income is an issue with a buy-to-let deal.

“It isn’t in a landlord’s interest to exaggerate potential rental income if it isn’t going to cover mortgage repayments.”

Recommended

Halifax says 29% of detached property owners will pay IHT

Halifax research has shown that nearly one third of detached property owners in the UK could be liable to pay Inheritance Tax. The bank says 29% of detached house prices now occur above the 2007/08 IHT threshold of 300,000 but five years ago only 16% of detached properties were sold above the then IHT threshold […]

Brown’s zero carbon Stamp Duty exemption is an “empty pledge”

SmartNewHomes calls Brown’s pledge to exempt zero carbon homes under £500,000 from Stamp Duty an “empty pledge”.David Bexon, managing director of SmartNewHomes.com, says: “I welcome any initiative that aims to cut carbon emissions and encourage the future development of zero carbon homes across the UK. “However, I fear that Government’s latest pledge of Stamp Duty […]

PMS launches new proposition

Premier Mortgage Service unveiled today its new proposition for the mortgage market.The new service will offer the existing full mortgage aggregation service of the PMS club, plus mortgage compliance and protection panels. This will be underpinned by a specifically designed IT platform.PMS is also offering a 25% discount to join the Association of Mortgage Intermediaries […]

C&G embraces sub-prime

Cheltenham and Gloucester has ploughed full steam ahead into the sub-prime mortgage market despite brokers’ concerns about a decline in its service.

Health - thumbnail

Fit for Work: guidance for employers published

On Friday, the Department for Work and Pensions published its guidance for employers on using the new Fit for Work (FfW) service to help ill employees return to the workplace. It also includes more details on the tax exemption for medical interventions that commenced on 1 January 2015.

Newsletter

News and expert analysis straight to your inbox

Sign up