We were approached by a homeowner who was looking for help in finding finance to purchase her first buy to let - a 2-bed terraced house in a strong location rental location.
She owns her own home and works as a locum pharmacist. Her income stream was a sticking point for many lenders because it is not necessarily guaranteed, so we approached a lender that was happy to look at her circumstances and overall affordability.
The lender offered the following terms:
Property value: £105,000
Loan amount: £78,750
Loan to value: 75%
Rate: 3.59% 2 year fixed
Term: 25 years interest only
Mortgage payment: £236 pcm
Rental income: £500 pcm
Gross yield: 5.7% pa
Lender arrangement fee: 0.5% of loan amount (£394)
Consultant Mortgage Broker: Andy McOwat
Consultant tel: 01625 416396
1st October 2015