A retired couple, both in their late 60's, who were about to embark on a three month around-the-world cruise, approached us for help in sourcing a remortgage on a London rental flat. The couple are experienced investors who own four buy to let properties, two in the UK and two overseas.
The challenge for us was to find a lender directly that would:
• Accept retirees who would be in their 80s at the end of the mortgage term
• Accept income was made of up pension and rent
• Offer a 10 year fixed rate
• Hold the mortgage offer open for a potentially extended period of time.
We found a lender that was willing to take the case and got to work on the application immediately in the hope that all information required by the lender would be submitted before the couple went on holiday. Despite a few communication difficulties dues to changing time zones, the application processed without hitch and the couple’s flat was duly remortgaged.
Here are the details of the deal:
Property value: £390,000
Loan amount: £288,000
Rental income: £1,500 pcm
Rate: 4.99% fixed for 10 years
Term: 20 years interest only
Monthly mortgage payments: £1,198
Gross yield: 4.6%
Lender arrangement fee: £995
Completion date: March 2015
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.