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
Rate: 3.59% 2 year fixed rate buy to let mortgage
Term: 12 years interest only
Lender arrangement fee: Nil
Mortgage payment: £290 pcm
Rental income: £600 pcm
Gross yield: 5.5% pa
Consultant mortgage adviser: Ashley Jones, 01732 471694 or 07853829939
Are you with BM Solutions? Is your initial rate period about to end? Are you already on BM Solutions SVR?
If YES, please call us today to discuss switching to a better rate. You call the Buy to Let Desk on 0345 345 6788.
3rd April 2018