Application to offer within 5 days for the remortgage of 2 rental properties

A self-employed decorator and part-time landlord from outer London approached us looking to remortgage two of his three rental properties.

The properties in question are two identical 2-bed semi-detached houses, both in the same street. 

The landlord was hoping for a quick turnaround time, as he wanted to use the capital raised to purchase a new buy to let property that he had seen on the market.

As well as a quick turnaround time the client had requested fee free mortgages on both properties – meaning he wouldn’t be charged a valuation, legal or arrangement fee.

Fortunately here at Mortgages for Business we track lender turnaround times, so know who can get the case processed quickly.

We also have access to the whole buy to let market, so are able to offer fee free mortgages.

We approached a lender with a good record of fast turnaround times and highlighted the need for speed in this instance.

The client received a formal mortgage offer within five days of submitting the application.

The case is now progressing smoothly and the lender anticipates that the funds will be available for draw down within a month.

Here are the details of the deal:
(Both properties are identical)

Property value: £150,000 each

Loan amount: £100,000 each

LTV: 66%

Rate: 3.74% 2 year fixed + free legals and valuation

Term: 10 years interest only

Mortgage payment: £311 pcm

Rental income: £650 pcm

Gross yield: 5.2% pa

Lender arrangement fee: Nil 

Consultant Mortgage Broker: Paul Martins