An elderly grandparent moving in with his daughter’s family wished to sell his property to provide him with capital for his dotage. He was no longer well enough to live on his own.
The family didn't want to lose the house so the grandson has agreed to purchase it at full market value.
Associated transactions are frowned upon by most buy to let lenders these days but we found a lender happy to help. Whilst the grandson did have the deposit available in cash the lender would have been happy to allow a sizable gifted deposit as well.
Property value: £425,000
Loan amount: £340,000
Loan to value: 80%
Term: 20 years interest only
Rate: 5.24% 2 year fixed
Lender arrangement fee: 2%
Completion date: October 2013
This is just one example of how I've helped a client secure a buy to let mortgage. To see more of my case studies please visit my profile page. And if you have any funding requirements, please do not hesitate to contact me. My direct line and email address can be found below.