Portfolio landlords refinance multi-unit
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
- 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.