Our clients had taken out bridging finance to fund the refurbishment of their investment property. The works were complete and they were ready to remortgage onto a standard buy-to-let loan. Enabling them to rent the property out to tenants.

Numerous lenders were sourced but most were not interested in lending to our clients. As the majority of the property had a flat roof.

We also needed a lender who could act quickly as the bridging finance was due to expire in a matter of weeks. With many lenders experiencing significant backlogs as a result of the volume of business resulting from the stamp duty holiday. We needed a lender who could move quickly.

Key requirements: –

A lender happy to offer a buy to let mortgage on a property with a mostly flat roof. lender with no service issues, who was able to act quickly so that our clients could pay back their bridging finance.
But, a lender happy to add the arrangement fee to the loan.

After sourcing the mortgage market, we found a lender who would be happy to offer our clients a buy-to-let mortgage and who could do so without long processing times.

The application process: To support the mortgage application. The clients provided evidence of the likely rental income from the property to satisfy the lender’s criteria on a buy-to-let mortgage. The clients also provided proof of their income, as well as proof of identity. We were delighted to inform our clients that the lender had issued a formal buy-to-let mortgage offer for the full amount requested.

Property value: £2.5m Loan amount: £1m LTV: 60% Rate: 1.61% fixed for two years Lender product fee: £999 added to the mortgage Monthly payment: £1,343