The lending arm of Axis Bank UK has just unveiled a range of buy-to-let products that are available over a three-week timeframe.
Axis is a subsidiary for one of the biggest banks in India’s private sector. The pilot is expected to focus on landlords who have accrued some experience within the market, and will offer both a specialist and a standard range.
With a fee of 1.5% of the amount borrowed comes a fixed rate of 3.79% for two years, up to a maximum loan-to-value of 75%.
The bank is expecting to extend the rollout of the product range to a selected panel of intermediaries following this initial pilot, and with criteria including no minimum set on income level, and no limit to the volume of properties mortgaged with any other lenders, it is bound to attract some interest.
Mortgages for Business, which is a specialist broker, commented on the move, and its sales director, Steve Olejnik, said:
“The decision-making process will be quick and pragmatic too with all cases being assessed and negotiated individually. I think that brokers are going to be impressed with the attention to detail and level of customer service.”
In order to advise customers on their mortgage options, you will first need to complete your CeMAP training and obtain a pass in the exams at the end. Subject to the limitations of your employer (as in the product range you are able to discuss and advise about), you will then be able to undertake a full affordability assessment, and advise how much can be borrowed.