BTL mortgage with no ERCs for landlord with irregular income
We were approached by a part-time landlord looking to purchase a four-bed bungalow in Maidenhead. As well as managing a small portfolio of rental properties, the client also owns a property development company.
Due to the nature of his business, the client’s income is highly irregular. For this reason, it was important we sourced finance from a lender which would be willing to underwrite using the client’s latest years self-employed income – the previous year had been very irregular due to new developments starting. Lenders will normally ask for a minimum of two years accounts.
The client had also requested a product with no early repayment charges, as he wanted the flexibility to be able to repay the mortgage at any time without having to incur a penalty.
We took the case to a building society, which we knew would be able to offer the client a competitive rate without ERCs. An offer was received within a week of application.
Here are the details of the deal: