Home remortgage to finance buy to let purchase
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 Details
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 or 07853829939
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16th October 2018
