Multiple Buy to Lets
Client Circumstances:
- Wanted to expand their Buy to Let portfolio
- The client needed to borrow £370,000 to purchase additional properties
Issues - The Client:
- Didn’t want to remortgage due to the competitive nature of their current mortgage deals, which would be lost if they changed lender
- Had very little declared income, which ruled out borrowing money against their main residence
- Wanted to keep arrangement fees and the interest rates as low as possible
- The client had been quoted broker fee of £2,995 per property by a different adviser
The Solution:
- We arranged for Buy To Let second charges across four existing properties. This kept the borrowing on each property under 65% loan to value, allowing us to secure a very competitive interest rate and Interest Only terms.
- We also agreed a fee of £995, saving the client £10,985.