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Buy To Let Mortgage To Increase Property Portfolio


Refinance - Semi-Detached house

Capital raised: £204,000

Area: St Leonards-on-Sea, East Sussex

The clients, Mr and Mrs X, were looking to purchase their next investment property, a residential house in St Leonards-on-Sea. They currently own two current investment properties in East Sussex bought in 2010 and 2013.

The couple had provided the lender with their extensive knowledge of the local area. The clients were professional builders by trade and had been highly successful in decorating their properties to a high standard, achieving high end returns and being able to maintain the properties keeping costs to a minimum and profits high.

The property they sourced was valued at £300,000 and they were ideally looking to raise £225,000 over a 5 year interest only period. By going up to 75% LTV, the couple were allowed to retain more cash in the transaction. This provided them with enough capital to refurbish the property to their usual high standard and achieve greater rental returns.

The rental of the property was projected at £25,500 per annum. The deposit for the property was coming from savings and sale of their home property, as they had recently moved in with elderly parents to care for them.

Aside from the rental of the property, the lender was advised that personal income could potentially be difficult to prove; Mrs X was a hairdresser that went from full time last year to self-employed this year, which enabled her to develop a client bank and her own business. However, with the sale of their property and saving they had accumulated, this provided the lender with enough confidence that the clients had the cash reserves to finance their current outgoings but also meet any rental void on the portfolio if this was to arise.

Once the valuation report had been received, the valuation figure provided was £275,000 which limited the loan size to £204,000. As the client was happy to proceed at the new loan size, the lender instructed their solicitor to conduct all the necessary legal works. The case was able to complete within 42 working days of submission.

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