First-Time Buyer, First-Time Landlord Added to Existing Buy to Let Mortgage
The Clients: A professional couple, the husband owned a single buy to let property.
The Property: A two-bedroom terraced house in Northern England with long term tenants. It was walking distance to the local train station and situated not far from a large city, making it a very desirable property.
The Finance: The clients buy to let property was up for remortgage, and they had decided to take the opportunity to add the wife to the mortgage deeds.
The Challenge: The wife didn’t own any property as she was not on their residential mortgage either, technically making her a first-time buyer, first-time landlord. Some lenders view these applicants as higher risk and do not accept them, which limited our choice of lenders and products.
The Solution: Despite researching the criteria, the first lender we approached was not comfortable with the fact that the wife owned no property and would not accept an application. After continued research, we approached a second lender about the case that we were confident would be comfortable with the wife, a first-time buyer and first-time landlord, being added to the mortgage deeds. We explained the case directly to the lender, and they agreed they were comfortable with the addition of the wife. We were able to submit the application which received a formal offer less than a week later, despite the ongoing COVID disruption, much to the delight of our clients. Here are the details: