Buy to let mortgage for ex-council flat in South East London

My clients are a couple who own two rental properties and have day jobs too. Their original broker struggled to find a lender to refinance their ex-local authority flat because the block was only 40% privately owned, (most lenders like circa 75% to be owned privately). In addition to this problem, access to the flat was via a deck - something else most buy to let lender's don't like. 

I managed to find a lender that was happy to help and was also able to offer a very good rate to boot which included a free valuation and free legal service.

The funds raised through refinancing will be used by my clients as a deposit to purchase another buy to let property. 

Here are the details of the deal:

Property value: £250,000

Loan amount: £187,500

Loan to value: 75%

Rental income pcm: £1,100 pcm on AST

Rate: 2 year fixed @2.99% plus free valuation and legals

Term: 20 years interest only

Arrangement fee: £1,995 added to the loan

Completion date: September 2014

Consultant: Charlie London, 01732 471604

24th September 2014