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Submission to completion in just eight weeks for portfolio landlord

Submission to completion in just eight weeks for portfolio landlord

The Client: Our client was an experienced landlord who was looking to expand their portfolio by purchasing their first HMO (House in Multiple Occupancy) through their limited company.

The Property: The property that the client was looking to purchase was a six-bedroom detached house in the heart of the student area, just outside of a busy city with a large university.

The Finance: Our client was looking to purchase the property through their limited company and had a 25% deposit. They were looking for a mortgage to finance the rest of their purchase.

The Challenge: In this instance, the client’s case was fairly straight forward, and we needed to source the best rate from a lender that was happy to offer to portfolio landlords and who accepted both student tenants and HMO properties. Both of the latter aspects add an element of risk for lenders, which reduces the number of lender options for our client.

The Solution: As a team of specialist brokers, we were able to source a lender who was more than happy to offer on HMOs and Student flats. Due to our experience with these types of properties and tenants, the case was successfully submitted and completed in a very quick eight weeks, providing our client with the top-quality service that they were after. Here are the details:

Property Details

Property value: £410,000.

Loan amount: £307,500.

LTV: 75%.

Rate: 2.99% for a five-year fixed term.

Term: 25 years, Interest only

Mortgage payment: £ 781.64 per calendar month.

Lender arrangement fee: £0

Rental income: £2600 per calendar month.

Gross yield: 7.6% pa

Application: SPV Ltd company purchase.

Consultant: Adam Henderson, 01732 471658

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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