Part-time landlord purchases his first home

A full-time senior analyst based in London approached us for help in securing a home-buyer mortgage.

Despite not owning his own home, he is an experienced landlord and owns several buy to let properties.

He had made an offer on a 1-bed flat on the 7th floor of a purpose-built block in Essex but only had a deposit of 10%. He was looking to borrow a little over 3.5 times his salary (income from rent not included).

In order to help with affordability, we found a lender that offered repayment terms over 30 years. The client opted for a two year fixed rate.

Here are the details of the deal.

Property value: £249,000

Loan amount: £224,100

LTV: 90%

Rate: 3.38% 2 years fixed

Term: 30 years capital and interest

Mortgage repayments: £991.36 pcm

Lender arrangement fee: £995 added to loan

Consultant: Andy McOwat

Consultant tel: 01625 416 396