We were approached by a married couple – both experienced landlords with over 20 rental properties.
They were looking to remortgage one of their rental properties – a three-bed terraced house located in Leeds, before it reverted onto the lender’s standard variable rate.
The landlords had assumed that remortgaging was their only option if they wanted to avoid going onto the reversion rate.
However, the existing mortgage is with BM Solutions which provides a product transfer service through registered intermediaries.
The clients were able to transfer onto a lower rate offered by BM Solutions, saving them £110 pcm.
The entire transfer was completed within 48 hours and as an added bonus the clients did not have to pay any underwriting, legal fees or valuation fees.
Here are the details of the deal:
Property value: £190,000
Loan amount: £115,000
LTV: 61%
Rate: 3.69% 2 year fixed
Term: 2 years interest only
Lender: BM Solutions
Lender arrangement fee: Nil
Original mortgage payment: £464 pcm
Mortgage payment: £354 pcm
Rental income: £690 pcm
Gross yield: 4.3% pa
Consultant: Nick Helm, 01732 471608
