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