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Student HMO remortgage in just two days!

Student HMO remortgage in just two days!

The Clients: A retired, married couple who owned a single HMO property. They had owned the property for five years, as an investment for their retirement. 

The Property: The property is a large five bedroom HMO. The property is situated in a large university town in the Midlands, close to both the university and the train station.  

The Finance: The client came to us to support him with his first remortgage of the property. He had moved onto his previous Standard Variable Rate and wanted us to move him onto a lower fixed rate as quickly as possible. 

The Challenge: This case was all about time. As the client’s original mortgage had moved onto the Standard Variable Rate, he needed us to find him a new product as soon as possible, as he was paying above what he needed to be.    

The Solution: We carefully reviewed the client’s requirements and swiftly shortlisted the appropriate mortgage products for the client. The client selected our recommended product, giving our client a free valuation, £300 cashback and no arrangement fee; we set about applying immediately. As part of the application, we spoke to the lender to make sure we submitted everything that they needed to process the application straight away. To our client’s amazement, their application was accepted and went to offer in just two days!

Property Details

Property value: £230,000

Loan amount: £102,000

LTV: 44%

Rate: 2.02% 5-years fixed

Term: 13 years interest-only

Mortgage payment:  £191 per calendar month

Lender arrangement fee: Nil.

Rental income: £1,200 per calendar month

Application: Individual

Consultant: Luke Worrell, 01732 471684 or 07814071895

 

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 ...

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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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