The client is a would-be first time landlord who works as a sole trader in the entertainment industry.
He and his brother had jointly inherited the property.
He was looking to raise finance on the property so that he could buy out his brother.
The property in question is a semi-detached house in a highly desirable commuter town in West Sussex.
Here are the details of the deal:
Property value: £250,000
Loan amount: £70,000
Range: Keystone Solutions Range for Individuals
Product: 8.49% fixed for 3 years
Term: 3 years interest only
Rental income: £1,200 pcm
Gross yield: 5.8% pa
Mortgage payments: £495 pcm
Facility fee: 3% (£2,100) added to loan
Broker proc fee: 1% (£700)
Consultant: Gareth Richards
Consultant tel: 01732 471627