Scott Marshall

Roma launches five-year mortgage product

Roma Finance has introduced a five-year mortgage product which will allow property investors to purchase or refinance an investment property, or exit a bridging loan.

The mortgage has a variable rate from 4.24% per annum plus bank base rate, and can be offered on an interest only or repayment basis.

It is available for loans up to £500,000 and has a maximum LTV of 75%.

Landlords can use the loan to acquire BTL and HMO properties which don’t need to be fully let at the time of taking out the mortgage as the borrower’s other income will be taken into account.

The bridging lender has institutional funding for this medium-term loan, which can also be used by those who aren’t existing Roma customers.

For existing customers, the same surveyor who valued the property will be used, while dual representation is offered for the refinance.

Investors will be able to take equity out of a recently completed property which has seen an increase in value — these funds could be utilised to finance their next refurb or renovation.

Scott Marshall, managing director at Roma Finance (pictured above), said: “Extending the reach of this competitively priced mortgage to more types of investment property for purchase, refinance or as an exit strategy for a bridging loan will provide landlords with another route to financing their income-generating property.

“This is yet another example of how Roma Finance continues to develop exciting new products for the market, and we expect this mortgage to be very popular with property professionals.”

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