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Home remortgage to finance buy to let purchase

Home remortgage to finance buy to let purchase

16.10.18 | Written by: Ashley Jones

The client: A young lawyer looking to raise capital against her home. She planned to use the capital raised to invest in her first buy to let property.

The property:
Her home is a one-bed, ground-floor flat in Croydon.

The finance:
The client had initially approached her existing lender for finance but had been declined due to the reason for capital raising. Fortunately, we have access to residential mortgage lenders which are more than happy with applicants raising capital to purchase investment property.

The application process:
We took the case to a high street bank which we have placed similar cases with in the past. Collecting the necessary documents including proof of address, proof of ID and proof of income, we supported the client every step of the way. In total the client was able to raise an additional £57k with monthly payments only increasing by £45! An offer was recevied within three weeks of submitting the application to MFB.

Property value: £200,000

Loan amount:
£145,000

LTV:
73%

Rate:
1.49% 2 year fixed rate (3.7% APRC)

Term:
25 years capital and repayment

Mortgage payment:
£582 pcm

Original mortgage payment:
£540 pcm

Lender arrangement fee:
£995 added to loan amount

Consultant: Ashley Jones, 01732 471694

 

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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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