Searchlight Finance Blog | Searchlight

BTL Mortgage Rental Calculations

When calculating how much you can get on a BTL mortgage rental calculations can be quite complex. One lender has eight different calculations depending on property type, loan term, rate chosen and tax status. Working out how much you can get is a bit more complicated. But we do this many times a day so… Read More »

Bridging Finance-How does it get repaid?

I’m surprised at how many enquiries I get from clients who taken out bridging finance through another broker who has not got a firm exit in place. If you don’t have the funds to repay it there are only two ways it can be repaid, either the sale of the property or a remortgage. With… Read More »

New BTL Rental Calculations-Podcast

Thanks to Rob Dix for putting this podcast together in which we explain the new Rental Calculation Process and the forthcoming changes.

BTL on Non Standard Construction Property

I am extremely grateful that you have been able to obtain a loan for me on this property. After my usual broker exhausted all options available to him, I had almost resigned myself to selling the house. Had it not been for the podcast, I would not have been aware of your services.

Bridging Finance-Customer Feedback

“I have just completed on my 2nd investment property. It’s a wreck in Birmingham that will be turned around in the next 3 months. I would like to say a massive thank you to Simon Allen from Searchlight Finance for an absolutely fantastic service.” Very kind words and one we were particularly proud of as… Read More »

10 Reasons to use Searchlight Finance

Support and inform you from initial enquiry through to completion and beyond. Education service on market in general and 16 years experience of being a landlord. Take the time to gain a detailed knowledge of your circumstances and aspirations Provide impartial, expert and external scrutiny of mortgage products. Identify when your circumstances do not meet the… Read More »

Case Study: Short Term Loan for Addition of another BTL to Portfolio

Shawbrook is pleased to report the completion of a short-term loan at 55% LTV, for a client of Strategic Partner ‘Searchlight Finance’. The purpose of the loan was to raise funds for the purchase of another investment property, with the client having very recently transferred ownership of a buy-to-let (BTL) property from their individual… Read More »

Bridging Finance – Customer Feedback

“I’ve been working with Simon for over a year now and frankly it’s been a revelation compared with previous experiences I’ve had. Simon has an exceptional depth of knowledge, not just of the lending market but also property investment in general. I always learn something new when discussing possible financing options with him and he… Read More »

BTL Remortgage – Customer Feedback

“Special thanks to Simon Allen for sorting the re finance on my single let rental property. Highly recommended professional service. I am ready for my next project now.” Anthony-Birmingham based landlord

BTL Mortgage – Customer Feedback

“You were brill!!! Just looking at another. I will keep you updated” Debbie-Stockport based investor

HMO Mortgage – Customer Feedback

“It has been an absolute pleasure working with you. The only part in the purchase process that has been straight forward.” Richard-London based investor

AST Template

Did you know the government have a recommended tenancy agreement for landlords to use which is updated in line with legislation? Find it here

Proof of Income for professional landlords

HMRC are no longer issuing the SA302 (otherwise known as the Tax Calculation) or the Tax Year Overview by fax as they don’t class them to be secure. HMRC will continue to provide copies of the SA302 by post . Sone lenders still insist on this document whilst others accept the version that is usually… Read More »

SPV-What does it mean?

An SPV is short for (Special Purpose Vehicle). It’s jargon for a company set up specifically for one purpose. In this case to own property. Most lenders prefer this type of company as there is no baggage from the day to day trading activities if the company carried out a business or service. We then… Read More »

Lenders using the same language

It’s always been difficult to compare fees when lenders use different words for their costs. By early 2016 most lenders should have a “tariff of charges” in place that will be in a standard format. They will also be in the same order in their promotional literature. This follows a Which? campaign and will make… Read More »

Joint Venture Finance

JV Finance is two or more people getting together on a project with skills and finance pooled. Quite often there is no bank or lender involved. If there is a lender then all parties who are putting in the money need to be disclosed to the lender. Other points to consider include: Speaking to your… Read More »

Bridging Finance – The importance of the exit.

When going into bridging always work backwards. How will it get repaid? If you only have one or two lenders then be very careful as those lenders may change their criteria and you may not be able to remortgage to repay the bridging loan. The implications if you are not able to refinance, are higher… Read More »

Financing a flip

A flip is buying a property and then selling quickly, hopefully at a profit. It may be a refurbishment to increase the value or you may just be trading property. There are only two ways to finance these: Cash, which maybe from a remortgage of another property. Bridging Finance. Don’t use a mortgage to finance them.… Read More »

Choosing a property mentor or education company – Do your homework

If you looking to pay for property education then time in front of a computer could potentially save you thousands. Education- we never stop learning but with any subject sometimes we want a head start. So you want to learn about flipping, development finance, HMOs etc. Where do you go? Firstly don’t part with any… Read More »

Tax Returns and BTL Mortgages

HMRC give you from the start of the tax year April 6th until the 31st January of the following year to complete and submit your tax return. However lenders need an updated return after the 5th October so instead of having almost 10 months to complete it you have 6 months. If the return hasn’t… Read More »

Refurbishment BTL products

Anytime I get asked for bridging I ask is there an alternative? If you don’t have to complete quickly and the property has a kitchen and bathroom there may be BTL refurbishment mortgages out there as an alternative. It is provided in two amounts. The lender will provide a loan of up to 80% of… Read More »

BTL products we have access to

We have direct access to lenders that will consider: Limited Company applications Single Freehold split into multi units Multi Lets HMOs of all sizes Portfolio Finance Student Tenants DSS/LHA Tenants Retail with flats above Rental valuations No minimum income Limited Company applications Pension and Trust applications Professional landlords Adverse credit Ex Pat applications Foreign Nationals

£330,000 refinance from Yorkshire Bank

Due to their withdrawal from the market Yorkshire had given notice to a long established Lancashire property company to move it’s property portfolio to another bank or sell. The directors were in their 80’s and spent most of their time overseas and didn’t own a main residence in this country. To add to this their… Read More »

Ex Pat BTL Mortgages

We have lenders for UK nationals residing outside of the UK, providing you have a relevant satisfactory UK financial track record and other UK property assets. You need; UK bank account a minimum of two UK investment properties with at least one mortgage outstanding Independent personal income to support your other financial commitments In a position… Read More »

£500,000 Residential Development Finance in London

Experienced developer had been declined by its bank as they were not lending in the sector. Based upon previous track record and his professional team a loan of 100% of build costs and fees was agreed with a specialist property lender.

Bridging Finance Risks

I deal with bridging finance risks on a daily basis. A lot of landlords don’t like bridging, others do and the purpose of this post is not to sell the concept but to make people aware of some of the pitfalls when signing an agreement. Like everything in life the vast majority of lenders and… Read More »

Auction Finance in Leeds

We were approached by a residential mortgage broker who had a client that had purchased a residential investment property at auction. They thought they would be able to obtain finance from their bank but their request was declined. Due to the tight deadline bridging finance was considered but we were confident that we could raise… Read More »

Bridging Finance in London £900,000

A corporate finance house in Manchester had a client who was buying a business in the South West. They had been let down by a Venture Capital company and were looking for alternative funding. The purchaser had a property with no mortgage and wanted to obtain a bridging loan of £900,000 quickly. Other lenders and brokers had… Read More »

Bridging Finance for Auction Purchase

We were approached by an IFA who had tried to obtain bridging finance of £350,000 on a property bought at auction. The client and IFA had approached lenders direct and the IFA had gone to a specialist bridging firm who couldn’t help. A 10% deposit had been paid at auction and we had less than two weeks to obtain the finance. The buyer was very anxious about losing the deposit and being sued… Read More »

Buy to Let Remortgage

Manchester based property investor required a buy to let loan to repay bridging finance. Due to his profession and the large number of properties he owned within his existing portfolio he had been turned down by lenders. The bridging company was putting pressure on the client for repayment. We quickly sourced an alternative lender from… Read More »

Please go we don’t want you

We all understand why property is not flavour of the month for a lot of lenders with bad debts, questions over values and a lack of demand for new build due to restrictions in mortgage lending, but we are seeing many long established landlords having their funding lines cut. The number of new clients we… Read More »

Bridging Loan in Devon £412,000

Bridging loan to Torquay based developer to repay existing development loan with another lender which had expired. Introduced to us by their residential broker.Negotiated with lenders to reduce the number of properties held as security thus maximising remortgage options and reducing the amount of interest charged. Agreed over a nine month term which was sufficient time… Read More »

Commercial Mortgage for a Day Nursery

We were introduced to a Cheshire based day nursery group. They had a recent history of low profitability and losses due to “tax planning”. They required a commercial mortgage to move premises as they had outgrown their current home. Due to the lack of profits in their accounts, they had been declined by several lenders.… Read More »

Searchlight Finance have been fantastic

I am a London based portfolio landlord currently investing in the North West Greater Manchester UK. I have worked with Simon for the past five years, he has arranged twelve BTL mortgages in this time for my SPV/Ltd Co and also given advice on a much larger number of prospective buy to let purchases so… Read More »