A married couple, both full-time landlords, contacted us looking to refinance a recently refurbished multi-unit block of four flats.

They had purchased the block with a bridging loan in the summer of 2016, and now that the works were complete, the couple wanted to refinance the property onto a buy to let mortgage and repay the bridging loan.

There were a few complications with this deal which limited the number of lenders willing to accept the case.

1. The couple live in one of the flats
2. The couple are both full-time landlords with income solely from rent
3. The property is a multi-unit block

We took the case to Keystone Property Finance, a lender which underwrites on a manual basis. We explained that the couple occupied less than 40% of the floor space, meaning the transaction would be unregulated.

Happy with this, Keystone used the rental income from the remaining three flats to support the loan and offered the following terms.