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Terraced houses

Full Time Landlord Expands Buy to Let Portfolio in South Yorkshire

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 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

NB: ANY PROPERTY USED AS SECURITY, WHICH MAY INCLUDE YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Mortgages for Business Ltd is registered
in England and Wales No. 2502713.

Registered office:
17 Kings Hill Avenue,
Kings Hill, West Malling,
ME19 4UA.

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Mortgages for Business Ltd is authorised and regulated by the Finance Conduct Authority (No. 313537) to transact regulated mortgages. We are a credit broker, not a lender. We work with the whole of market in sourcing a lender for you; we may receive a commission from the lender, and this amount varies between lenders. The FCA does not regulate some investment mortgage contracts. Mortgages for Business Ltd is a founding member of the National Association of Commercial Finance Brokers, the body that promotes best practice within the commercial finance industry. Telephone calls may be monitored or recorded for training purposes.

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