Divorce prompts portfolio landlord to remortgage home in sole name

Divorce prompts portfolio landlord to remortgage home in sole name

22.08.17 | Written by: Charlie London

An existing client approached us for help to remortgage her home. She had recently divorced and been granted sole ownership of the family home as part of the settlement.

Her ex-husband had already applied to the Land Registry to have his name removed from the title deeds of the house so, just the refinance was needed eliminate his interest in the property.

Before talking to us, our client had approached her existing lender for a like-for-like remortgage, but despite the very small loan to value (LTV) she was requesting, the lender declined because it does not accept rent as the sole source of income.

Happy with the service we provide on the buy to let side, the client asked for our help. We approached a high street bank that is not only with comfortable rent as income but it was offering some of very lowest mortgage rates on the market and with no arrangement fees!

We submitted an application on our client’s behalf and the following terms were promptly offered:

Property value: £625,000

Loan amount: £90,000

LTV: 14%

Rate: 1.75% 2 year fixed

Term: 20 years capital and interest

Mortgage payment: £439 pcm

Lender arrangement fee: Nil

Consultant: Charlie London, 01732 471604

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