What was the situation?
I recently worked on behalf of clients who were looking to purchase a holiday let investment property through a special purpose vehicle (SPV) limited company.
What was the issue?
The deposit for the purchase was to be raised from a different investment property owned within the same limited company. Many lenders had been overwhelmed due to the Coronavirus pandemic and had seen a reduction in their service levels leading to long applications, slow valuations, and lost properties due to time delays.
Furthermore, my clients’ income was complex as it consisted of both foreign currency and retirement income. Securing a UK mortgage with foreign income is much more difficult than if you were only earning in pounds sterling. Traditional lenders generally take the view that foreign currency leads to greater risk; foreign income checks can take time and can often be much more difficult to verify. As such, I knew I would have to take the time to really understand my clients’ accounts in order to best present them to my network of lenders.
What was the process?
I went to market and assessed the options available, establishing which lenders would be able to complete both the limited company refinance and the purchase in the timeframes required to ensure we did not lose the onward purchase in the face of tough market conditions.
What was the solution?
I ensured I had everything required for the application to move swiftly through underwriting without a hitch. Both lenders moved quickly, and the correct result was achieved with time to spare despite the complexity of the cases. This was accomplished utilising the experience and close relationships I have with my lender network.
Lending solutions with LDN Finance
At LDN Finance, our expert brokers have a wealth of experience in securing holiday let mortgages. We work closely with our trusted network of mainstream banks, private banks and specialist lenders to arrange bespoke mortgage arrangements to suit your circumstances at competitive, market-leading rates and ensure you feel in control at every stage of the process. Get in touch with us today to organise an initial consultation.