Remortgage for Landlord with a Recent Missed Mortgage Payment
The Client: An experienced landlord with a couple of buy to let properties owned in his personal name, who also ran a non-property related business.
The Property: The client had plans to build his own 5-bedroom detached house, for him and his family to live in.
The Finance: The client needed to raise the capital to fund the build of his new home, so was remortgaging one of his buy to let properties to do so.
The Challenge: The client had, through his own administrative error, missed a mortgage payment 2 months before making the remortgage application. The fact that it was such a recent default meant that it was seriously affected his scores when lenders ran their credit checks, resulting in much higher rates than the client was willing to pay.
The Solution: After speaking to the client, it was clear that although he had missed the payment, he had the funds to pay it at the time but had transferred them to another account in error. After explaining the context of the missed payment to a suitable lender and providing bank statements which proved that he did have the funds make the payment in full at the time, we were able to secure the full loan amount required for the remortgage and to fund his new house build at a suitable rate.