Mortgage Club members gain access to Santander's portfolio product

The portfolio umbrella product is ideal for professional landlords who have struggled in recent years with most mainstream lenders turning away landlords with 10 or more buy-to-lets.  This product allows you to put one or more properties under one mortgage making it easier to manage payments.

The loan is being offered as a semi-exclusive as the Buy to Let Business is piloting it with only one other broker nationally.

The product is available to trading and non-trading Ltd companies, LLPs, partnerships and individuals, and rates are negotiable between 2.5% to 4% over three month LIBOR (currently at 0.27%).

There is a 0.5% commitment fee (payable on offer and refunded on completion) and a 1.5% arrangement fee, which can be added to the loan.

As an interest only product the maximum LTV is 60%, rising to 65% for the repayment product.
The landlord must own a minimum of 10 properties in their portfolio, the minimum lending amount is £500,000 and no single property can be worth less than £75,000.

Ying Tan, managing director of The Buy to Let Business, says:

“With a distinct lack of products on offer for professional landlords we know our members have been crying out for a product like this. This rate is great for large portfolio landlords and allows them to refinance their entire portfolio at a really low rate. We're thrilled to have Santander Commercial on our panel and it's great to be able to give our members what they need.”