We were approached by a portfolio landlord who owned 3 flats in a block of 6 and wanted to purchase the other 3 to secure 100% ownership of the building. Due to the ever-increasing restrictions placed on portfolio landlords by the government, lenders are now stricter than ever when it comes to offering buy-to-let mortgages for those with multiple properties.
Our objective was to secure a 70% loan-to-value Buy-to-Let mortgage for the client but the challenge would be convincing a reputable lender to consider the application. The circumstances surrounding the proposed deal would need to be addressed before a solution could be found. We considered a number of lenders but made an approach to the one with the most competitive rate.
Our key priority was to gain a thorough understanding of the client’s background as well as their wealth & income from both their employment and property portfolio. We streamlined this information and presented it to the lender in a way that justified why the mortgage should be approved.
This was a gradual process that required a constant dialogue over a number of weeks before the lender was comfortable with the proposed lending. Eventually, we reached an agreement with our chosen lender and we were even able to consolidate all of the remaining mortgages into a single account.
“The Client is delighted to have secured a specialised rate and to be able to consolidate all of their properties into one easy to manage account.”
An interesting aspect of this case was that our efforts were able to secure the client a specialised rate specifically for the client and we were then able to consolidate all 6 property payments under one account leaving the client overjoyed and satisfied with the eventual outcome.
