Portfolio landlords with 14+ properties purchase forever home
A married couple from Cheshire. The wife is a full-time landlord with a portfolio of 14+ properties all held within an SPV Ltd Co. The husband is a chaplain.
A large detached house located just a 10-minute drive from the couple’s current home. The couple saw this new property as their ‘forever home’, comprising five bedrooms, two reception rooms and large kitchen-diner.
We needed to approach a lender which would accept portfolio landlords. Many residential lenders steer clear of lending to portfolio landlords, even if the applicants aren’t fully reliant on the income received from rent. With this in mind, we decided to take the case to a well-known building society, which currently has some very competitive five year fixed home-buyer mortgage rates available to landlords.
The application process:
In addition to three months’ bank statements, proof of address and identity, the he lender wanted to see the AST tenancy agreements for all of the wife’s buy to let properties. We worked with the couple to collate this information and sent it across as soon as it was ready. Within three weeks of submission the couple received a formal mortgage offer.