Buy to let remortgage of 1-bed flat to raise £50k to finish self-build
The Client: A full-time marketing manager from Cheshire who personally owns one buy to let property which we helped her to finance in 2016. With the fixed rate period coming to an end, the client asked us to help her remortgage it onto a better rate and raise £50,000 to help her finish the self-build home she was building with her partner.
The Property: A one-bed flat in a purpose-built block of eight in Stockport, just a short walk to the mainline station with excellent commuter links into Manchester. The flat is let to a working professional on a standard AST contract.
The Finance: This time, the client wanted a competitive five-year fixed rate because they are currently not much more costly than two and three year fixed products and are unlikely to be any lower than they are now.
Comparing products on the market, we could see that there were cheaper rates than anything her existing lender was prepared to offer. Before submitting an application, we made certain that the lender would allow the capital raised to be used to finish off the works on her new home.
The Application Process: We already held some of the client’s information securely on file so just needed to more up to date bank statements and proof of address (she and her partner were renting whilst building their new home). The entire case took just six weeks from first contact to completion. Here are the details.