Hampshire Trust Bank (HTB) has enhanced its criteria for specialist buy-to-let (BTL) applications, to reflect its increased appetite for new business and aim to simplify processes for brokers.
The changes included criteria improvements for semi-commercial and holiday let products.
HTB removed loan-to-value (LTV) cut off for semi-commercial properties with a split of more than 50% commercial by value; the bank will now lend up to 75% LTV on properties with a split up to 65% commercial by value, where the cut off was previously 70%.
The bank also removed restrictions on the maximum number of holiday let units and loan amount, subject to its existing exposure limit of £25m, with no requirement for experience.
HTB will now accept cases where properties are let for emergency, rehabilitation or social transition housing, provided there is a credible professional operator providing management.
The threshold above which a mortgage debenture is required was increased to £2m.
HTB provides professional investors with specialist residential and semi-commercial loans up to £25m for limited companies, offshore entities, expats and foreign nationals.
Chris Daly, managing director, specialist mortgages at Hampshire Trust Bank, said: “At HTB we regularly review our proposition to ensure it is satisfying the needs of our property investor clients and reflects the changing requirements of the professional investor community.
“The cumulative effect of today’s changes to our specialist buy-to-let, holiday let and semi-commercial mortgage criteria are significant, simplifying our policies as well as extending our appetite both to new sectors and within our existing products.”
