Lender enters buy-to-let market
Mortgage lender Catalyst Property Finance has entered the buy-to-let market with BOOST to let, a specialist mortgage designed for landlords who fall outside mainstream lending.
Catalyst said that with this offering, brokers and their clients can expect extreme flexibility on borrower affordability, accepted property, borrower type/credit profile, and complex enquiries.
BOOST to let has a 100% Interest Cover Ratio (ICR), and it allows unlimited top slicing for high-net-worth borrowers with £1 million plus assets.
Funding is available for unusual and complex property, including mixed use to 75% LTV, high value single assets, holiday lets, student lets, low yield assets, ex-local authority, MUFBs with no exposure limits, and HMOs that are unlimited on bedrooms.
Catalyst welcomes a wide range of borrower types including professional, portfolio and first-time landlords. They lend to individuals, limited companies, LLPs, offshore limited companies, SPVs and trusts. Expats, foreign nationals from EEA/non-EEA are accepted.
There is no minimum income requirement and borrowers can be retired. Clients with adverse credit are also catered for.
Loans are made to 75% LTV including those with cash-out (80% LTC for purchases) and rates start from 3.74%. Catalyst’s major distributor panel earn 1.5% commission, brokers 1%, and the arrangement fee is 2.00%.
Chris Fairfax (pictured), chief executive at Catalyst Property Finance, expressed excitement over the launch of BOOST to let, which intends to bring the Catalyst can-do lending approach to the buy-to-let market.
“We have built a fantastic team of property finance experts who are ready to support our major distributors and brokers with a product that has extremely strong demand,” Fairfax said.
“Buy-to-let is a natural progression for Catalyst and sits well with our bridging, refurbishment, and development finance ranges. This is not mass market; it is solution driven focussed lending that boosts both borrower eligibility and the brokers’ ability to help more clients,” he added.
