Mortgages for Business is committed to keeping both our staff and clients safe during the COVID-19 outbreak while maintaining the best service possible. Our teams are working from home from Wednesday 18th March, but don’t worry, you can contact us in the usual ways. To find out more about our business continuity plan, please click here.
To read our comprehensive FAQ guide on how the emergency interest rate reduction and Coronavirus outbreak could affect your mortgage, please click here.

BTL mortgage with no ERCs for new build high-rise flat

The client – a full-time landlord with a strong portfolio in South East London, contacted us looking to purchase a further rental property via his SPV Ltd Co.

The property in question is a 2-bed flat within a newly built, 24-storey residential block.

We needed to source finance from a lender who would accept:

  • SPV Ltd Co’s

  • High-rise flats

  • New build property

  • Applicants with income derived solely from rent

The client was also keen to secure a rate with no early repayment charges, as he planned to remortgage within the next year to take extra equity out of the property.

We took this case to a lender only accessible via a select panel of brokers, including Mortgages for Business.

The following terms were offered:

Property value: £356,250

Loan amount: £267,187

LTV: 75%

Rate: 3.69% term tracker

Term: 25 years interest only

Borrower: SPV Ltd Co

Lender arrangement fee: 1.5% (£3,990)

Mortgage payment: £818

Rental income: £1,950

Gross yield: 6.6% pa

Consultant: Charlie London, 01732 471604

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

Get in contact with us: 0345 345 6788 or ...

Submit an enquiry
Arrange a call back