My clients are a married couple from Scotland who own their own home as well as three rental properties. The husband is an NHS consultant and the wife works in education. They wanted to expand their portfolio and had identified a 3-bed flat in a converted Victorian villa located in a popular town north of Stirling.
The couple asked me to find a deal with a free valuation, as this feature is quite common in Scotland. Also, they wanted a rate with no early repayment charges. Not all buy to let lenders operate in Scotland, so the option were somewhat limited; however, I found a lender that not only was happy to help but also met the borrowers’ requirements.
Here are the details of the deal:
Property value: £176,000
Loan amount: £132,000
Loan to value: 75%
Rate: 3.29% term tracker, no ERCs, free valuation
Term: 20 years interest only
Monthly payment: £362
Month rental income: £800
Annual yield: 7.3%
Lender arrangement fee: £999
Completion date: January 2015
This is just one example of how I've helped a client secure a buy to let mortgage. 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.