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They remain committed to supporting customers. The changes below reflect our considered responses to a changing and challenging environment.

All products.

  • With immediate effect, all products will be capped at 75% LTV.
  • All applications over 65% LTV will be subject to additional assessment and may, therefore, take more time.
  • Increased rates on certain products and LTV’s.
  • All offers honoured regardless of LTV.

Short Term Lending.

In addition to the max 75% LTV across all products:

  • Heavy Refurb; The pandemic has substantially impacted the construction industry and supply chains. They are unable to consider lending for this purpose until further notice.
  • Developer Exit applications will be assessed on a case by case basis and they will assume that the property will be held for term, rather than sold. Standard BTL term rental affordability criteria will apply and market rent will, therefore, be a key consideration.

Trading Business.

Applications from owner occupied commercial businesses will be subject to additional diligence

Product Switches/Refinances.

They continue to support existing customers on a ‘business as usual’ basis for product transfers and refinances.

Searchlight Finance Limited is registered in England and Wales No.07929050 Searchlight Finance Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (http://www.fca.org.uk/register) under reference 743220. The FCA do not regulate Business Buy to Let Mortgages or most Commercial Mortgages and Bridging Finance. ICO Number Z3109319. Your property may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.