My clients are a couple who own two rental properties and have day jobs too. Their original broker struggled to find a lender to refinance their ex-local authority flat because the block was only 40% privately owned, (most lenders like circa 75% to be owned privately). In addition to this problem, access to the flat was via a deck - something else most buy to let lender's don't like.
I managed to find a lender that was happy to help and was also able to offer a very good rate to boot which included a free valuation and free legal service.
The funds raised through refinancing will be used by my clients as a deposit to purchase another buy to let property.
Here are the details of the deal:
Property value: £250,000
Loan amount: £187,500
Loan to value: 75%
Rental income pcm: £1,100 pcm on AST
Rate: 2 year fixed @2.99% plus free valuation and legals
Term: 20 years interest only
Arrangement fee: £1,995 added to the loan
Completion date: September 2014
This is just one example of how I've helped a client secure mortgage finance. To see more of my case studies please visit my profile page. And if you have any funding requirements, please do not hesitate to contact me. My direct line and email address can be found below.