Landlord refinances sole rental property to consolidate debts and expand portfolio

A newly qualified doctor approached us looking to remortgage his only rental property – a four-bed detached house in West London – which he owns in an SPV limited company.

He wanted to use the capital raised from the refinance to consolidate his debts – a mortgage, a second charge loan and a several credit card balances - whilst also raising enough to put down as a deposit to purchase a second buy to let property.

Guided by his dad, an experienced buy to let landlord, the doctor had requested a five year fixed rate which would allow him to raise £350,000 (twice his current borrowing).

We took the case to an intermediary only lender, which we knew could offer our client a competitive deal with a generous rent to interest calculation.

The following terms were offered and deal went through without a hitch.