We were approached by a part-time landlord with a small property portfolio.
He was looking for finance to purchase a new buy to let property; a semi-detached 3-bed house on Merseyside.
The challenge for us was to find a lender that would accept the client’s small income of less than £25k pa and allow him to borrow 80% loan to value.
Not many lenders allow this combination of factors.
Fortunately we were able to source a rate from one of the challenger banks which was happy to offer the following deal:
Property value: £136,000
Loan amount: £108,800
Rate: 4.48% loan term tracker
Term: 25 years interest only
Lender arrangement fee: 3% (£3,264)
Mortgage payment: £418 pcm
Rental income: £650 pcm
Gross yield: 5.7%
Consultant: Andy McOwat , 01625 416396