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Part-time landlord remortgages ex-council flat saving £480pcm

The client – a self-employed IT contractor and part-time landlord contacted us looking to reduce his monthly mortgage payments on one of his rental properties.

The property in question is a four-bed flat, on the ground floor of an ex-local authority block in Canary Wharf.

The client wasn’t looking to raise any capital from the transaction, he simply wanted a lower monthly payment.

Fortunately for the client the value of the property had increased since it was purchased three years ago, which meant we were able to arrange a competitive rate with a low loan to value.

The total saving for the client was just under £500pcm.

Here are the details of the deal:

Property value: £550,000

Loan amount: £300,000

LTV: 50%

Rate: 3.14%2 year fixed

Term: 20 years interest only

Borrower: individual application

Lender arrangement fee: £1,995

Mortgage payment: £780 pcm

Original monthly payment: £ 1,260 pcm

Rental income: £2,300 pcm

Gross yield: 9.2% pa

Consultant: Andy McOwat, 01625 416396

Consultant

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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