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
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
View more of our cases
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No arrangement fee for portfolio landlord refinancing block of 5 flats above barbershop
Portfolio landlord refinances 2-bed flat within 30-storey block
22nd February 2019