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£250 cash back & no arrangement fee for refinance of student-let HMO

£250 cash back & no arrangement fee for refinance of student-let HMO

14.08.18 | Written by: Calum Obbard-Banham

The client: An experienced property developer and part-time landlord approached us looking to raise capital for further investment.

The property:
The client had decided to remortgage a three-bed student-let HMO in West London. The property is within walking distance to the local university and a short bus ride to the nearest station.

The finance:
In total, the client was looking to borrow £325,000. At 74% loan to value, this would restrict the number of finance options available.

The application:
We assessed the case and decided to take it to a semi-exclusive lender, which can only be accessed via a select panel of brokers. This particular lender is currently offering some great incentives including cash back and low arrangement fees.

We supplied the chosen lender with the landlord’s property portfolio spreadsheet along with the standard application form and proof of ID. To the client’s delight an offer was made which included £250 cash back and NO arrangement fee!

Here are the details:

Property value: £440,000

Loan amount:
£325,000

LTV:
74%

Rate:
3.60% 2 Year Fixed

Term:
25 years capital and interest

Lender arrangement fee:
FREE + £250 cash back

Previous mortgage payment:
£1,432 pcm

Mortgage payment:
£1,648 pcm

Rental income:
£2,200 pcm

Gross yield:
6% pa

Consultant: Calum Obbard-Banham, 01732 471648


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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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