UK national living overseas

The landlord, a UK national now permanently resident in the United States was looking to refinance a premier period town house in London’s West End.  The property was let to a city firm and was occupied by a corporate tenant.

The landlord believed the property to be worth approximately £2m.  However this value would need to be confirmed by an independent valuer before financing could begin.

The landlord mortgages stipulations on the property:
• A mortgage of between 75% to 80% of the property value
• A competitive medium term fixed rate to alleviate the clients concerns about the volatility of the interest rates
• The mortgage lender accepted joint applications

How did we help?

The first step for us to was to verify the initial valuation assessment of £2m.  We first short listed the three most appropriate lenders, from this point we then tendered to two valuation companies who we knew had the requisite skills base to provide a valuation that would be acceptable to all three lenders panel.  At this point we discussed the valuation options in detail with the landlord as this was a key success factor in the finance process.

The landlord elected to progress the valuation with the more reputable of the two companies and was delighted following this instruction to be presented with a detailed valuation report indicating an overall value of £2.25m.

Based on this valuation uplift, we then went about negotiating bespoke market leading mortgage terms with the three lenders selected.  We now took into account the fact the client, due to the higher than originally perceived property valuation, decided to borrow at 75% loan to property value.

We were able to negotiate the following bespoke Buy to Let finance package with one of the lenders:

Scheme: 5.21% 5 year fixed rate
Property value: £2,250,000
Loan amount: £1,687,500
Loan to Property Value: 75%
Repayment: Interest only
Term: 10 years

The above landlord mortgage offer was provided to the landlord five weeks after the initial enquiry and the monies were drawn down three weeks later.