Am I eligible to borrow?
RAW mortgages are for non-UK resident individuals, companies and trusts who require a mortgage to purchase a buy-to-let property in the UK. We can also lend to UK residents on UK buy-to-let property for a maximum term of 11 months.
Do you lend to borrowers with unusual circumstances?
Yes. Unlike mainstream lenders, we have no ‘tick-box’ approach when it comes to making lending decisions, and instead look at each applicant’s personal and financial situation as a whole. We have lent to borrowers from many different jurisdictions, each with their own unique circumstances.
Do you lend to UK residents?
We offer bridging loans to UK residents for a maximum term of 11 months.
Do you only lend towards the purchase of property?
No, we also provide loans for re-mortgage and equity release.
What is the maximum loan-to-value (LTV)?
We lend up to 50% LTV of the property value or purchase price, whichever is lower.
What are the interest rates?
For buy-to-let lending to non-UK residents on UK properties, interest rates start at 4.25% plus Bank of England Base Rate. For Guernsey properties, interest rates start at 4.50% plus Base Rate. Interest rates for Bridging Finance start at 5.25% plus Base Rate.
On what type of property do you lend?
We lend on quality residential properties located in major towns and cities in the UK, as well as properties in Guernsey and the South-East of England.
What documentation will I need to apply?
We always require proof of identity and proof of address for each applicant. We also require source of wealth/proof of income – this may be requested through payslips, bank statements, company accounts etc. Other documentation may be requested, depending on the applicant’s circumstances.
What checks do borrowers undergo?
We conduct background checks, risk assessments, credit assessments and internet searches.
What is the acceptable loan size?
The minimum loan size is £50,000 and the maximum is currently £1.5 million.
What is the maximum loan term?
Our maximum term is 5 years, however we are more than happy to review cases for renewal upon maturity of the loan. If borrowers maintain their interest payments for the duration of the loan and the quality of the security has not changed dramatically, we are generally quite flexible when it comes to renewals. Our bridging loan product is made for a maximum term of 11 months but is not available for renewal.
How long will it take to get a decision on my loan?
At RAW Capital, we endeavour to maintain a fast and flexible application process. We aim to provide borrowers, or their agents, with a decision in principle within 48 hours.
Do applicants require existing UK or overseas property ownership?
No, we can consider first-time landlords.
Are there any restrictions on country of residence?
Although we cannot lend to individuals resident in sanctioned countries, we do take a risk-based approach for lending decisions. This means that for applicants resident in jurisdictions that may be considered too high-risk for other lenders, we are able to assess each enquiry on a case-by-case basis. For borrowers associated with higher-risk countries, we may require a more in-depth due diligence process, but we are happy to consider all applications.
Do applicants need to be employed?
No, we do not have any requirements on employment status. We have lent to borrowers who are retired, self-employed as well as to professional investors and landlords.
Do you have a rental coverage requirement?
There is no fixed requirement. We prefer the rental income to cover the interest payments, but decisions are also dependent on the assets and income of the borrower, as well as the quality of the property.
Are there any restrictions on new builds?
We do not have any official restrictions on new builds. We review each enquiry on a case-by-case basis, taking into account the quality and location of the property.
Do you finance self-build buy-to-let properties?
Yes, with an independent valuation conducted by a RICS-qualified valuer.
Are there any restrictions on the height of the building?
We do not have any official height restrictions. Each enquiry is looked at individually, as it depends on the location and quality of the building.
What are the application fees involved?
For UK buy-to-let mortgage loans, arrangement fees start at 1.5% of the requested loan amount, with a minimum of £2,000, payable on application. For bridging loans, arrangement fees start at 2% of the requested loan amount. The cost of the professional independent valuation and legal fees are also borne by the borrower and vary depending on the size of the loan.
Are there any other fees payable?
Annual review fees of £500 are paid in respect of each loan, throughout the duration of the term.
Are there any Early Repayment Charges (ERCs)?
Unlike most mainstream lenders, we do not impose ERCs in the form of a percentage charge. Instead, we charge a £950 admin fee for full or partial capital repayment.
Are overpayments of interest permitted without penalties?
There are no penalties for overpayment of interest, as interest payments can be accrued.
Can I use my current solicitor?
You will always be entitled to use your own solicitor for any transaction. If you are applying for a loan to assist with the purchase of a property, we may also be able to appoint your solicitor to act on our behalf, subject to the solicitor being approved by the Credit Committee. If you are applying for a loan to refinance or release equity, we will always appoint our own solicitor.
Can interest payments be made from UK bank account?
No. Interest payments must be made from a non-UK bank account.
What is the procuration fee paid to the introducer?
We pay 33% of the arrangement fee to the introducer. This is formalised through a signed Introducer Agreement.