The Intermediary –- June 2026 - Flipbook - Page 99
B RO K E R B U S I N E S S
Case clinic
in. One applicant earns £41,000, and the other
£33,000, both in stable employment. They have
£12,000 additional savings set aside specifically
for renovation costs. Neither applicant has prior
experience managing building works, and they
intend to coordinate trades themselves after
completion. Their current rental tenancy ends
shortly after the anticipated completion date,
leaving limited flexibility if the refurbishment
takes longer than expected.
BUCKINGHAMSHIRE BS
We could consider this case once the works
have been completed, as the property would
not currently be considered suitable security. At
this stage, the valuer would deem the property
uninhabitable. A day-one remortgage can be
considered following completion of the works.
UNITED TRUST BANK
UTB would need the property to have
refurbishment works completed before lending.
The works are considered too extensive for us
to lend on while renovations are underway, as
the valuer would not be able to confirm that the
property meets a mortgageable standard. UTB
would decline this application as it stands.
GEN H
We would need the property to be habitable before
completion, so this one probably is not for us.
THE STAFFORD BS
We are keen to support renovation work and
can offer stage releases on a LTC basis up to
85% of the property purchase price and 85%
of the cost of the renovation work through our
partners, BuildLoan, who provide a range of
specialist renovation finance products. Given the
tight timelines and the small deposit, BuildLoan
would review the applicants’ plans, costings and
programme, providing reassurance that the budget
and expectations are realistic before work begins.
However, we would require additional deposit.
WEST ONE LOANS
We can assist here provided the valuation confirms
the property is habitable and mortgageable in its
current condition. We could potentially lend up
to 97.5% with 6.5x LTI, enabling them to utilise
additional funds originally set aside for a deposit
to ensure they can carry out the works and have
flexibility in timescales. Should they have excess
funds after, all of our products allow a 10% capital
overpayment per annum before ERCs apply.
C AS E T H R E E
Buy-to-let purchase
through new SPV
n applicant is purchasing a £240,000
terraced house through a newly formed
SPV limited company, with a 25% deposit.
They earn £58,000 full-time and own their home
with a mortgage. The SPV has been incorporated
specifically for this purchase and has no trading
history or filed accounts. Expected rental income
is £1,050 per month, and the applicant intends
to self-manage. Although they have no previous
landlord experience, they plan to build a portfolio.
A
UNITED TRUST BANK
Subject to affordability and credit score this can
be considered. The applicant is purchasing the
property through an SPV therefore the rental
income would need to cover the mortgage
repayment by 125%. No prior landlord experience
is required for a standard BTL purchase with UTB.
MOLO
This is a straightforward case for Molo. We can
lend to a newly incorporated SPV with no trading
history, provided it is registered in England
or Wales with one of our accepted Standard
Industrial Classification (SIC) codes. First-time
landlords buying standard property through an
SPV are acceptable, with affordability assessed on
the rental rather than salary. We are comfortable
with the client self-managing.
HARPENDEN BS
We can accept day-one SPVs for buy-to-let.
Additionally, we can accept first-time landlords.
The applicant’s personal income meets our
requirements for first-time landlords, £30,000.
BUCKINGHAMSHIRE BS
Day-one SPV applications through a limited
company are acceptable.
WEST ONE LOANS
We don’t prescribe a minimum income for BTL,
no minimum trading period is required for SPVs,
and we are willing to consider newly formed
companies. However, based on expected rental
income, the client may need a higher deposit. ●
June 2026 | The Intermediary
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