What was the situation?
My clients, who are portfolio landlords, came to me looking to source a mortgage having already exchanged contracts on a Buy to Let (BTL) purchase with a completion deadline a month later.
What was the issue?
The property was a 4-bed house meaning most lenders would treat it as an house of multiple occupancy (HMO). The agreed price was £710,000 and the clients were looking to borrow just under £500,000.
Despite being experienced portfolio landlords, the clients were south American which may cause some increased risk with lenders due to them being foreign nationals. However, they lived in the UK which worked in their favour.
Additionally, the deposit for the purchase was being gifted to the clients from overseas which some lenders aren’t comfortable with.
What was the process?
Using my lender relationships, I was able to present the client’s case direct to a credit committee for approval, providing them with evidence that the clients were already successful portfolio landlords.
What was the solution?
The application went in and the case offered 5 days later! The clients were able to successfully complete just before their completion deadline. They were over the moon!
At LDN Finance we’re here to help you find a solution – no matter how complex your circumstances. Our expert brokers have extensive experience in providing creative solutions to secure large loans for our clients.
We work closely with our trusted network of private banks and both high street and specialist lenders to arrange bespoke mortgage arrangements to suit your circumstances at competitive, market-leading rates.
Get in touch with us to organise an initial consultation.