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Full-time landlord receives six times income for new home purchase post-divorce

Full-time landlord receives six times income for new home purchase post-divorce

09.01.18 | Written by: Calum Obbard-Banham

The client:
A full-time landlord with a portfolio of 12+ rental properties, looking to purchase a new home after a recent divorce. The client has no income outside of that she receives from rent.

The property:
A 5-bed detached house within a sought after cul-de-sac in Kingston upon Thames. The property was on the market for £2m.

The finance:
To secure the property, the client needed to borrow £846,000 – six times the profit she receives from rental income. As well as this, the client was keen to secure interest only terms.

At present, there is only one lender with a range of mortgages available up to six times the applicant’s income and on interest only terms. This very limited edition range is available via only a few select brokers – including Mortgages for Business of course!

The application process:
We helped the client fill out the application form and asked her to provide us with evidence of income and her last three months’ bank statements.

Once we had all the required documentation we sent the application over to the lender. A formal mortgage offer was received within five working days and is due to complete mid-January.

Property value: £2,000,000

Loan amount: £846,000

LTV: 42%

Rate: 2.89% 2 year fixed

Term: 22 years interest only

Mortgage payment: £ 2,037 pcm

Lender arrangement fee: £999

Consultant: Calum Obbard-Banham, 01732 471648

 

ANY PROPERTY USED AS SECURITY, WHICH MAY INCLUDE YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

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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