Second charge buy to let

Second Charge BTL Mortgages

Second charge mortgages for rental and investment properties

Landlords can take out second charge buy-to-let mortgages on their investment properties if they need to raise finance for home improvements or require capital to finance new opportunities. We have access to lenders across the marketplace which provide a range of second charge buy-to-let products to meet many requirements, including:

 Extending a property portfolio    
Carrying out improvements to existing properties   Buying a new rental property quickly

Can landlords take out second charge mortgages on existing buy-to-let properties?

We can help your landlords just do that: One landlord was able to:

 Secure a second charge buy-to-let loan of £75,000 over 15 years

 Consolidate unsecured debts

 Finance renovation of a barn into a wedding venue

 Reduce monthly payment by £100

Customer story

This landlord approached Clever as he wanted to renovate the 17th Century barn on the estate where he lived and turn it into a wedding venue – whilst consolidating various unsecured debts. He wanted to raise finance on his property in trust, which was going through a mortgage product transfer at the time as well.

As the customer’s main income was from the trust, his proof of income was provided by SA302s. The fact he was a non-owner occupier meant we used our knowledge to source a lender which would consider the case.

As we could provide sight of the legal agreement in place, Together accepted the trust as income. The landlord was offered his second charge buy-to-let mortgage of £75,000 on an interest-only, five-year fixed rate. With this he consolidated his unsecured debt and renovated the barn into a super wedding venue.

6 Great Reasons to Choose Clever Lending

Complex cases accepted
We assess each case individually and provide a range of second charge buy-to-let products to meet most requirements

Bad credit accepted
We have a flexible underwriting approach to applicants who have adverse credit

Vast range of products
Loans up to £1m with terms up to 30 years and LTVs up to 90%. Rental coverage from 110%-125%

All types of applicant
We’ll consider cases from all applicants, including professional landlords and ex-pats

We can deal with your customers
We can deal with your customers on your behalf if you choose – and of course keep you up-to-date along the way

Submit enquiries 24/7
Our online portal Clever+ allows you to submit and manage all your enquiries online

Why use a specialist distributer?

Gone are the days of a ‘computer says no’ process when it comes to lending. You will have customers in a wide range of circumstances who need finance and the best solution may not be immediately obvious.

That’s where we step in. We can help by:

  • Reviewing cases thoroughly and sourcing the most appropriate lender and product for each customer – giving you more time to deal with the more straightforward applications
  • Turning your applications around quicker. From completing the fact-find, to collating documents, we can free up your time so you can concentrate on helping more customers
  • Providing recommendations to your customers and being responsible for any advice we give
  • Improving your customer relationships by ensuring they receive appropriate advice in specialist areas from product experts. This will ensure we offer solutions that best meet their needs
  • Giving you access to products from a large panel of lenders – some of which you may not be able to access elsewhere

About Clever Lending

We will do everything we can to ensure your cases complete and provide your customers with the most suitable products for their individual circumstances. We provide:

  • Expert product knowledge on the latest products with some of the lowest rates on the market
  • A flexible service working either with you on a case or dealing with customers directly – whichever you prefer
  • Competitive commission rates
  • A fully compliant service with clear audit trails helping you with any regulatory obligations

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Criteria

Latest lending criteria.