Specialist lender ModaMortgages has announced a major enhancement to its buy-to-let criteria, now accepting day one remortgage applications for landlords exiting bridging finance.
The change applies across both its core and limited edition product ranges, and includes options for capital raising where there is sufficient equity in the property.
The lender will consider loans from £25,000 up to £2m, with loan-to-value (LTV) ratios available up to 80%. The announcement follows recent criteria improvements by the lender, including increasing the maximum LTV to 80% and introducing £0 and 3% product fee options in its limited edition range.
ModaMortgages confirmed that the enhanced criteria is open to a broad range of landlords, including individuals, limited companies, portfolio landlords, first-time landlords and first-time buyers.
Darrell Walker, group sales director at ModaMortgages, said: “As the home of smarter, faster, simpler buy-to-let borrowing, we’re excited to announce this latest criteria enhancement which offers brokers even more ways to support their clients.
“This could be perfect for landlords who purchased a property via a bridging loan for the purpose of letting it out and have enhanced or improved it which has increased its value and are now looking to exit onto a longer-term buy-to-let mortgage. It could also be ideal for those who need to raise capital quickly for other purposes, such as purchasing another investment property.”
