Mortgages for Business is committed to keeping both our staff and clients safe during the COVID-19 outbreak while maintaining the best service possible. Our teams are working from home, but don’t worry, you can still contact us in the usual ways.
To read our comprehensive FAQ guide on how the emergency interest rate reduction and Coronavirus outbreak could affect your mortgage, please click here.
If you want to request a payment holiday, please contact your lender directly. For lender contact details, click here.

Mortgage for first-time landlord in just under a month

The client, an office manager living in London, approached us for help in funding his first investment property.

He had made an offer on a 2-bed former local authority flat in Greater London which had been accepted under the proviso that the sale went through within a month.

His parents had kindly given him enough money for a deposit of 60% loan to value, so our challenge was to find a lender that would accept first-time landlords, gifted deposits, ex-local authority flats and complete the mortgage application in a very short timescale.

After talking to a handful of lenders, we found one that could accommodate the client’s requirements.

The lender’s customer team gave excellent service and the application was processed from start to finish in under four weeks. Here are the details of the deal:

Property value: £625,000

Loan amount: £375,000

LTV: 60%

Product: 2.74% fixed for 2 years

Term: 25 years interest only

Rental income: £2,600 pcm

Gross yield: 5% pa

Mortgage payments: £856 pcm

Lender arrangement fee: £1,875

Consultant: Charlie London, 01732 471604

NB: ANY PROPERTY USED AS SECURITY, WHICH MAY INCLUDE YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Get in contact with us: 0345 345 6788 or ...

Submit an enquiry
Arrange a call back