Application to offer within 3 days for refinance of £1.35m home

Application to offer within 3 days for refinance of £1.35m home

20.06.17 | Written by: Beckie Pepperrell

A married couple from North London approached us looking to remortgage their home. The couple live in an unencumbered two-bed flat in London valued at £1.35m.

They were planning to use the capital raised from the refinance to purchase their fifth buy to let property.

Although deemed a fairly straight forward case, both husband and wife had started a new job just one month prior to contacting Mortgages for Business. Unfortunately, this limited the number of finance options available.

We approached one of the high street banks, which we knew would consider the refinance. We packaged the case within a day and provided the bank with job contracts, a copy of each of their first payslip and a month’s bank statement to prove their salaries. 

The bank carried out an automated valuation - an automated valuation can be obtained within a few seconds. It looks at the data available online including sales history and pricing of similar properties in the same area to determine a credible valuation. Automated valuations help to speed up the application process, as lenders don’t have to send anyone out to value the property.

A full mortgage offer was received within 3 days of the couple coming to MFB for help.

Property value: £1.35m

Loan amount: £623,500

LTV: 46%

Rate: 1.19% 2 year fixed

Term: 40 years capital & interest

Lender arrangement fee: £999

Mortgage payment: £1,634 pcm

Consultant: Beckie Pepperrell, 01732 471602

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