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Remortgage of mixed use property to increase cash flow

The client is an experienced property investor who also owns a successful lettings agency. He approached us to help him remortgage his business premises which comprises the agency on the ground floor and a 2-bed rental flat above. The client was looking to remortgage in a personal capacity and not through his business.

The client was after an interest only mortgage to increase his cash flow, but was struggling to find a lender that would lend on a semi-commercial property.

Fortunately we were able to source a lender who could complete the deal with a 15 year interest only term.

Here are the details of the deal:

Property value: £250,000

Loan amount: £177,537

Rate: Lenders LIBOR + 5.20%

Term: 15 year interest only

LTV: 71%

Lender arrangement fee: 1.7%

Completion date: June 2014

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

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