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. • A lender with no service issues, who was able to act quickly so that our clients could pay back their bridging finance. • 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