Client with IVA successfully secures finance for a BTL
What was the situation?
My client wanted to purchase a Buy To Let (BTL) property in the midlands, that needed refurbishment prior to being in a condition to refinance to a standard BTL mortgage.
They had the money to self-fund the refurbishment, and a 30% deposit, but needed money for the purchase. They were looking for 70% of £137,000.
What was the issue?
Not only was the client a first time buyer, but they also had an individual voluntary agreement (IVA) and adverse credit which was active. This meant that the number of lenders who would consider this application was significantly reduced.
What was the process?
I explained to the lender how the IVA was caused and also how it was being maintained successfully, soon to be settled in full.
By applying a common-sense approach to this application, I was able to demonstrate the attractive lending proposition on offer if a lender was willing to consider it. Leaning on my relationships with certain lenders, I was able to present the application in full.
What was the solution?
I was able to successfully obtain 70% of the gross loan on a competitive rate considering the clients’ IVA.
The client was thrilled and is eager to get stuck into their refurbishment!
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