Mortgages for Business is committed to keeping both our staff and clients safe during the COVID-19 outbreak while maintaining the best service possible. Our teams are working from home from Wednesday 18th March, but don’t worry, you can contact us in the usual ways. To find out more about our business continuity plan, please click here.
To read our comprehensive FAQ guide on how the emergency interest rate reduction and Coronavirus outbreak could affect your mortgage, please click here.
£170k buy to let mortgage to purchase new-build studio flat

£170k buy to let mortgage to purchase new-build studio flat

22.02.19 | Written by: Agata Rogozinska

The client: A civil engineer, who is also an experienced landlord with five properties, approached us for help in finding a buy to let mortgage for his next acquisition.

The property:
A studio apartment in a newly built, 8-storey block of 80 flats in Greater London, close to shops, bars and restaurants with a quick commuter line into the West End.

The client had reserved the studio two years before when construction began. With the block nearly finished, he needed a mortgage to complete the purchase.

The finance:
The client was looking to borrow 70% of the agreed purchase price and so we set about finding a lender which accepts studio apartments, new build property and portfolio landlords.

Using our extensive knowledge and our buy to let mortgage sourcing system, we found a few lenders that could help but one particular product stood out for the client because of its competitive rate, fixed lender arrangement fee and free valuation.

The application process:
Assembling and the paperwork needed to support the application was a very quick job because we have worked with the client before. This meant that just a few updates were required to the information we already hold securely on file.

The client received a formal mortgage offer very quickly and was delighted when the application completed within two months coinciding with the completion of the flats. Here are the details:

Property value: £240,000

Loan amount:
£170,000

LTV:
70%

Rate:
2.49% (3.7% APRC) 5 year fixed + FREE valuation

Term:
25 years interest only

Lender arrangement fee:
£1,499 added to loan amount

Mortgage payment: £352 pcm

Rent:
£1,050 pcm

Yield:
5.3% pa

Consultant: Agata Rogozinska, 01732 471602


Got a similar case?

Submit an enquiry

Request a call back

 

View more of our cases


Multi-unit freehold block with some long leases remortgaged

Directors’ loan to help purchase ex-LHA central London flat

No arrangement fee for portfolio landlord refinancing block of 5 flats above barbershop

Portfolio landlord refinances 2-bed flat within 30-storey block

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

Get in contact with us: 0345 345 6788 or ...

Submit an enquiry
Arrange a call back