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BTL product transfer completes within 24 hours saving portfolio landlord £100 pcm

BTL product transfer completes within 24 hours saving portfolio landlord £100 pcm

03.04.18 | Written by: Glenn Franklin-Jones

 

The client: A portfolio landlord from Scotland approached us looking to refinance one of his four rental properties. As well managing his property portfolio, the client works on a self-employed basis within the healthcare industry.

The property: A 2-bed, semi-detached house on the outskirts of Edinburgh.

The finance: His initial term with BM Solutions was coming to an end, so he was looking to refinance before reverting onto the standard variable rate (SVR).
Unaware that BM Solutions provides a speedy product transfer service, the client was delighted when we suggested this as an option.
This transfer service is only available via registered intermediaries. Highlights include no underwriting, no lender arrangement fee and no valuation fee when switching to another BM Solutions product.

The application process: After considering the various options, the client selected a 2-year fixed rate. Within a few hours the client supplied us with a signed declaration document, which we then sent off to BM Solutions for processing. Within 24 hours the transfer process completed, saving the client £100pcm.

Here are the details of the deal:

Property value: £130,000

Loan amount: £97,500

LTV: 75%

Rate: 3.59% 2 year fixed rate buy to let mortgage 

APR: 4.7%

Term: 12 years interest only

Lender arrangement fee: Nil

Mortgage payment: £290 pcm

Rental income: £600 pcm

Gross yield: 5.5% pa

Consultant: Glenn Franklin-Jones, 01732 471673

 

 

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

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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