Catalyst expanded its existing product line and entered the buy-to-let (BTL) market with BOOST to let.
The new specialist mortgage has an interest coverage ratio (ICR) of 100% and allows unlimited tiering for high net worth borrowers with over £1m in assets.
Loans are granted at 75% LTV, including those with withdrawal (80% loan-cost for purchases) and rates start at 3.74%.
Catalyst’s new mortgage is designed for unusual and complex properties, including mixed use at 75% loan to value (LTV), high value single assets, vacation rentals, student rentals, low-yielding assets, ex-local authorities, multi-unit freehold blocks (MUFBs) with no exposure limits, and multi-occupancy houses (HMOs) which are unlimited on rooms.
The product is intended for individuals, limited liability companies, LLPs, offshore limited liability companies, special purpose vehicles and trusts. The company notes that expats and foreign nationals from the European Economic Area (EEA) and non-EEA are also accepted.
The new product has no minimum income requirements and borrowers can be retired while customers with adverse credit are also supported.
The lender’s panel of master distributors earn 1.50% commission, brokers 1.00%, and arrangement fees are 2.00%.
Catalyst Managing Director Chris Fairfax said, “BTL is a natural progression for Catalyst and fits well with our transition, renovation and expansion financing lines. It’s not a mass market; these are solution-focused loans that increase both borrower eligibility and brokers’ ability to help more clients.