Limited company refinance for onward holiday let purchase
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.
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Our happy clients
My fiancée and I were recommended to LDN Finance when we started our mortgage journey, and the service we have received, and continue to receive, has been outstanding throughout. Phil Levesley initially looked after us and made what can be a very daunting process feel straightforward and easy to understand. He took the time to explain everything clearly, never rushed us, and was always happy to answer any questions we had. Nothing ever felt like too much trouble. As part of the process, we also wanted to explore a number of protection policies, and Phil introduced us to his colleague,
As a returning customer, I would like to express my sincere thanks to the team for their outstanding support during the completion of my property purchase. In particular, Catherine and Darren have been incredibly helpful throughout the process. Their communication, professionalism, and customer service have been absolutely excellent, making the entire experience smooth and reassuring. Many thanks again for all your hard work.
Owen was absolutely amazing and supported me every step of the way throughout the mortgage process. He was always clear, patient, and incredibly reassuring, making what could have been a stressful experience feel smooth and manageable. Bharathy was also really helpful, promptly getting in touch and making sure all the relevant information was handled efficiently. I couldn’t be happier with the service and would highly recommend them both. Five stars without hesitation.
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