Full-time landlord receives six times income for new home purchase post-divorce
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.
A 5-bed detached house within a sought after cul-de-sac in Kingston upon Thames. The property was on the market for £2m.
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.