It makes criteria changes for products including BTL and semi- commercial
Hampshire Trust Bank (HTB) has enhanced its criteria for specialist buy-to-let, semi-commercial, and holiday let mortgage applications, along with updated policies on mortgage debentures.
For semi-commercial transactions where the property split is less than 65% commercial by value, the lender will apply the same lending criteria, lending up to 75% loan-to-value (LTV), removing the previous cut off that was in place. Previously, if the commercial aspect was over 50%, the maximum LTV was 70% and this typically led to a reduction in the loan amount.
On holiday lets, HTB has removed restrictions on the maximum number of units and loan amount, subject to the bank’s existing exposure limit, which is currently £25 million, plus no requirement for experience is required.
In addition, HTB now accepts cases where properties are let for emergency housing, rehabilitation or social transitional purposes, provided there is a credible professional operator providing appropriate management.
Lastly, the threshold above which a mortgage debenture is required has been increased to £2 million.
HTB provides professional investors with specialist residential and semi-commercial loans up to £25 million for limited companies, offshore entities, expats, and foreign nationals.
“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,” stated Chris Daly (pictured), managing director of specialist mortgages at Hampshire Trust Bank.
“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.”
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