Catalyst has launched ‘Latitude BTL’, a new product designed for unusual and complex property types — complete with flexibility on borrower affordability, accepted property, borrower type or credit profile, and complex enquiries.
Loans are made to 75% LTV and fixed rates are from 9.50% annually, and the product has no ERCs or exit fees.
Latitude has a 100% ICR plus unlimited top slicing, and every application is manually underwritten.
The product is available for properties such as holiday lets and Airbnbs, HMOs (no limit on bedrooms), and MUFBs under 10 beds are assessed on aggregate value, while MUFBs with over 10 beds are assessed on block value.
Semi-commercial property is accepted — in addition to flats above and adjacent to commercial property — as is vacant property, with three months interest being retained.
Light refurbishment is also permitted.
The product is available to a wide range of borrower types including professional, portfolio and first-time landlords.
Chris Fairfax, CEO at Catalyst (pictured above), commented: “Latitude is designed to help potential customers who fall through the gaps of mainstream and specialist mortgage lenders.
“We consider the need for this product is significant right now and will remain in the medium term.
“Latitude will potentially solve hurdles created through a fast-moving change to interest rates and values and the knock-on effect to other lenders’ criteria narrowing.”
