x
By using this website, you agree to our use of cookies to enhance your experience.

TODAY'S OTHER NEWS

Roma Finance launches five-year mortgage for property investors

Bridging and development finance lender Roma Finance has launched a five-year mortgage to allow investors to purchase or refinance investment property.

Through this medium-term mortgage product, landlords can acquire buy-to-let and houses in multiple occupation (HMO) properties or exit a bridging loan, even if they aren’t existing Roma customers.

The mortgage has a variable rate from 4.24% per annum plus bank base rate and can be offered on an interest-only or repayment basis for loans up to £500,000 with a maximum loan-to-value of 75%.

At the time of taking out the mortgage, the property does not need to be fully let, as the borrower’s other income will be taken into account.

What’s more, any increase in value of a recently-completed property allows investors to take equity out of the property which could, for example, be used to help fund their next refurbishment or renovation project.

For existing Roma customers, the scheme mitigates valuation risk by using the same surveyor who valued the property before the works commenced. It provides a suitable exit from the bridge and offers its customers dual representation for the refinance, meaning the process of moving from bridge to term should only take a few days.

Scott Marshall, managing director at Roma Finance, commented: “Extending the reach of this competitively priced mortgage to more types of investment property for purchase, refinance or as an exit strategy for a bridging loan will provide landlords with another route to financing their income-generating property.”

“This is yet another example of how Roma Finance continues to develop exciting new products for the market and we expect this mortgage to be very popular with property professionals.”

icon

Please login to comment

Zero Deposit Zero Deposit Zero Deposit
sign up