Married couple remortgage home to purchase first buy to let

We were approached by a married couple looking to raise capital on their home – a four-bed terraced house in central London.

The couple wanted to raise £47,000 to use as a deposit for their first buy to let property.

Both husband and wife work within the financial industry and have no buy to let experience.

With a strong joint income, no existing mortgage on their home and only a small loan amount required we knew finding a lender willing to assist wouldn’t be a challenge. Our aim was to find the best rate for our couple and get it turned around as quickly as possible.

We approached a high street bank which we knew could process the application quickly and offer a competitive rate.

The following terms were accepted and the application proceeded quickly without a hitch:

Property value: £550,000

Loan amount: £47,000

LTV: 9%

Rate: 2.09% fixed for 2 years

Term: 25 capital & interest

Lender arrangement fee: £995

Mortgage payment: £201 pcm

Consultant: Andy McOwat, 01625 416396

 

ANY PROPERTY USED AS SECURITY, WHICH MAY INCLUDE YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

This is just one example of how we have helped secure finance for a client, if you have a similar scenario or something you'd like us to look at please get in contact with us on 0345 345 6788 or contact me directly at andym@mortgagesforbusiness.co.uk.

Consultant