Our client was a property owner looking to buy her first buy to let property. She wanted to buy a property situated above a commercial premise, which is not permitted by many lenders. Of the lenders which could consider the property, many would only lend to experienced landlords. A further complication was the fact that the client had only recently returned to work as a contractor.
We were hoping to secure a market-leading 75% buy to let property deal for the client, at a rate of 2.59%. We first had to convince the lender to consider the application, since it was outside of their standard criteria.
Knowing that many mainstream lenders would have reservations about a case like this, we approached a niche lender who we knew from experience was more likely to be flexible.
“Our client is delighted to have secured a high-yielding property without resorting to a high-cost specialist loan”
Initially, the lender was reluctant to consider a flat above a commercial premise. However, we submitted our case to their panel surveyors which demonstrated that the flat had a high resale demand, due to its prime location. Based on this appeal, the lender was happy to consider the property.
We had consulted with our client to gain a thorough understanding of her background, wealth and income. Using this information, we were able to show that the client would not be dependent on the rental income and that, although she had just started work on a contracting basis, she had many years of experience in her field.
Our client is delighted to have secured a high-yielding property without resorting to a high-cost specialist loan. Now that she is an experienced landlord with a track history of contracting, she is already sourcing her second buy to let purchase.
