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
Lender arrangement fee: 1.7%
Completion date: June 2014
Consultant: Charlie London, 01732 471604