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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

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