Terraced houses

Full Time Landlord Expands Buy to Let Portfolio in South Yorkshire

13.09.19 | Written by: Andy McOwat

The Client: An experienced, full-time landlord with 3+ properties in her growing portfolio.

The Property: A 2-bedroom terraced property in close proximity to a town centre and railway station in South Yorkshire. The client had bought it in an un-lettable state to refurbish and let out.

The Finance: The client, having completed the refurbishment, wanted to pay off the bridging loan taken out at purchase to reimburse her costs and to raise some capital to purchase further buy to let properties for her portfolio.

The Application: The client had financed a number of other properties with us over the past 18 months, so we knew her well and had all the required documentation. She had refurbished the property to a good standard and the lender was happy with the value and rental assessment, requiring no additional checks. As with her previous investments, everything went quickly from offer to completion, resulting in another very happy client. Here are the details:

Property value: £80,000

Loan amount: £60,000

LTV
: 75%

Rate
: 2.89% fixed for 2 years

Term:
25 years, interest only

Mortgage payment: 
£146 per calendar month

Lender arrangement fee
: 1% (£600) paid up front

Rental income
: £500 per calendar month

Gross yield
: 7.5% per annum

Consultant:
Andy McOwat, 01625 416396

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

Get in contact with us: 0345 345 6788 or ...

Submit an enquiry
Arrange a call back