Remortgage with free valuation and legals to save over £450pcm

We were approached by a part-time landlord who was looking to reduce his monthly mortgage payment on one of his rental properties – a three-bed terraced house in Dorset.

The client works as an accountant and has a small portfolio of rental properties held in his personal name.

At the point of contacting us the mortgage on the rental property in question had come to the end of its initial term.

This meant the client was now paying at a rate of 4.49% - the lender’s reversion rate.

After looking into the options available we managed to find a rate priced at not only half of the current rate, but with free legals and a free valuation too! Saving the client £468 pcm.

Here are the details:

Property value: £430,000

Loan amount: £244,000

LTV: 57%

Rate: 2.24% 2 year tracker

RTI: 125% @ 5.25%

Term: 13 years interest only

Lender arrangement fee: £995

Borrower: Individual

Mortgage payment: £456 pcm

Original payment: £924 pcm

Rental income: £1,475 pcm

Gross yield: 4.1% pa

Consultant: Jeni Browne, 01732 471647

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

22nd November 2016