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£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


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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.

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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