MAXIMISING LET
OPPORTUNITIES

Following a period of significant change, the buy to let and holiday let market is a hot topic. With the post-pandemic holiday let boom and regulatory upheaval set against a turbulent economic landscape, brokers can be forgiven for finding it hard to keep up. But hope is on the horizon and there are plenty of opportunities out there to help your clients’ scenarios – it might just need a keener eye to spot them and some creative thinking to make the most of them. Let’s take a look at just some of them. 

Capital raising

Remortgaging to raise capital is an opportunity brokers can seize. 38% of landlords don’t have any borrowing to fund their rental properties (English Private Landlord Survey) and could use funds released from their unencumbered properties for a variety of reasons, including:

• Renovating and maximising the potential of existing let properties, such as creating more rooms. Latest reports show that HMOs are on the rise and have become an appealing strategy for landlords navigating a challenging economic landscape
• Investment in other buy to let or holiday let properties
• Investment in business interests or other property
• Inheritance tax planning

As rates fall, this could present an attractive option many landlords consider and specialist lenders like us are best-placed to find solutions for less common scenarios.

Supporting affordability with specialist lending solutions

As one of the UK’s fastest-growing mutuals, we’re a specialist lender that looks beyond income calculations and considers overall affordability to solve simple and more complex buy to let and holiday let remortgage cases. Not all lenders top-slice and few offer it as standard. We’re happy to factor in clients’ surplus personal income to top up any shortfall in rental coverage and support the case affordability.

Alongside this, we have taken other action to support clients, such as making no-fee products readily available across our let solutions. We also offer joint borrower sole proprietor, which offers an alternative way to maximise affordability, with up to four incomes accepted and no family connection required. For buy to let cases, JBSP can also be combined with top-slicing.

High net worth clients are not always immune to affordability challenges and support is available for them too, with extra flexibility around the income we can consider.

Turn to your trusted specialist lender

Specialist lending means different things to different lenders. At Market Harborough we recognise that client circumstances are becoming increasingly complicated and provide more than a one-size-fits-all approach. Our Credit Committee, chaired by our CEO, meets daily and always looks for ways to say ‘yes’ by assessing each case on its merits and never relying on computer-based decisions. This forms part of our Best for Brokers Promise, which is our commitment to putting the needs of brokers and their clients first, always.

We provide Feefo Platinum Trusted award-winning service that includes direct access to the case BDM and underwriter throughout. We’re used to lending on more complex properties that are often associated with let cases, such as multi-units, part-let, sub-lets and Airbnb. We also offer loans to expats, foreign nationals, first-time buyers, first-time landlords, clients borrowing into retirement, in addition to other non-standard sources of income.

Get in touch

Give our award-winning Broker Team a call on 01858 412345 to find out how we can help you and your clients.

Sources:

English Private Landlord Survey 2021