Debt Consolidation for Luxury London Landlord
The client: A full time, successful landlord with five properties in her portfolio. She has created a prosperous business letting out luxurious apartments that generate a high rental yield.
The property: A large 4 storey, end of terrace property in a prime London location, comprising of five bedrooms, four bathrooms and a separate studio apartment. The property is currently let and receives a generous rental income of over £10,000 each month.
The finance: The property held two mortgages on it, from separate lenders, after the client had bought another property for her portfolio. The client required finance to consolidate the two debts in order to reduce the arrangement fees from the second short term loan. To achieve this, the client needed to borrow 74% LTV.
The application process: Due to the client’s unique circumstances, there wasn’t a taxable income at the time of application, which restricted the lenders we could approach. After looking at the market we found a specialist lender that:
- Accepted remortgaging for debt consolidation
- Had no minimum income requirement
- Offered large loans of over £2 million
In support of the application, we collected all the appropriate documentation and spoke to the specialist lender first to ensure it would work with our client.
Once the application was sent, our client was delighted to receive an offer just five days after the application was received. Here are the details: