Self-employed architects save £245pcm with BTL product transfer

We were approached by a married couple who were looking to reduce their monthly mortgage payment on a four-bed rental flat in North West London.

The couple both work as self-employed architects and have a small portfolio of rental properties held in their personal names.

They had assumed the only way they could reduce the monthly mortgage payment on the flat was to remortgage it. However, the existing mortgage is with BM Solutions which provides a product transfer service through registered intermediaries. The service means no underwriting, no legal fees and no valuation fee when transferring to another BM Solutions buy to let mortgage.

In this instance, the clients were able to transfer onto BM Solutions’ most competitive rate, saving them more £240 pcm in mortgage payments. With paperwork restricted to a simple, one-page declaration which can be emailed, the entire transfer was completed within 48 hours.

Here are the details of the deal:

Property value: £1,000,000

Loan amount: £595,000

LTV: 59.5%

Rate: 3.29% 2 year fixed

Term: 15 years interest only

Lender arrangement fee: £999

Original mortgage payment: £1,879 pcm

Mortgage payment: £1,634 pcm

Rental income: £3,000 pcm

Gross yield: 3.6% pa

Consultant: Paul Martins, 01732 471616