After a soft launch in May, the lender has now completed its move into the mortgage market and is targeting professional landlords and property investors.
Initially a BTL investment company, UX Mortgages claims it knows what landlords need and aims to cover these demands with its product proposition.
Randeesh Sandhu, managing director at UX Mortgages, said: “Having come from BTL investment into mortgages, we know the needs of the market. We understand BTL investors as we’ve been through it ourselves so we know what we are doing in this area. The soft launch has gone well and now we are ready to expand.”
UX’s products will be available through brokers, packagers and direct-to-consumer and the lender aims to cover areas seen to be too risky for mainstream lenders.
It will lend up to 85 per cent loan-to-value (LTV) but will also accept up to 15 per cent builders’ deposits, which it claims will help investors acquire new-build property and give professional landlords spare equity to invest in other properties quickly.
UX has come to the market with relaxed rental coverage and will accept 100 per cent payrate, while it also said it will accept an Association of Residential Letting Agents’ (ARLA) valuation if it is higher than the original valuation.
UX Mortgages will also lend on live-work property, accepting any percentage of the two, and offer the same LTVs to Irish investors as UK residents.
Simon Chalk, mortgage planner at Mortgage Portfolio Services, commented: “The 100 per cent payrate is good as there aren’t many lenders who will go that far, and the ARLA valuation is good as often you’ll have a valuer saying one price but you’ll have a letter from an agent saying they have got people ready to move in at a higher rate.”
