Our client is an experienced investor with three buy to let properties although his primary income is from his PAYE day job. He contacted us because his regular broker was unable to find finance to fund a new build studio flat above commercial premises in London E1.
Because of our considerable expertise and longstanding relationships with the BTL lenders, we found one who was willing to agree to an exception in policy due to the strong location of the property.
Here are the details of the deal:
Property value: £400,000
Loan amount: £300,000
Loan to value: 75%
Term: 25 years interest only
Rate: 3.49% 2 year tracker
Lender arrangement fee: £995
Completion date: March 2014
Consultant: Jeni Browne, 01732 471647
