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Portfolio landlords refinance multi-unit

Portfolio landlords refinance multi-unit

28.01.19 | Written by: Andy McOwat

The clients: A couple in Lancashire who have a portfolio of six buy to let properties, all held within their SPV limited company. The couple are both self-employed and all their income is generated from rental income.

The property:
The couple wanted to refinance a terraced house, which had been converted in the 1990s, into two self-contained flats, each currently let out for £350 pcm.

The finance:
Looking to remortgage to 75% loan to value which would allow them to raise capital to expand their portfolios, we knew we would have to take the case to a specialist lender because of the combination of factors:

  • Portfolio landlords
  • Relatively low property price and loan required
  • Multi-unit
  • Income solely from rent

The application: We submitted the case and a valuation was instructed. Happy with the property and the applicants, the lender issued a formal mortgage offer quickly and the case completed without fuss, leaving our clients free to find their next investment.

Property value: £80,000

Loan amount:
 £60,000 (75% LTV)

Rate:
 3.95% 5 year fixed

Term:
 20 years interest only

Mortgage payment:
 £201 pcm

Rent:
 £700 pcm

Lender arrangement fee:
 1% of the loan amount

Gross yield:
 10.5% pa

Consultant: Andy McOwat, 01625 416 396


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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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