The Client:
The client was self-employed and had a Buy to Let portfolio. Due to various factors including the Coronavirus pandemic, his income had fluctuated quite a lot over the past few years.
Scenario:
The client had purchased a property at auction and was under a very tight timescale to complete the funding necessary.
The property purchase was a leasehold property with a very short lease remaining which would require extending before or at completion making the timescales even tighter.
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The Solution:
We looked at the options for a standard buy to let purchase mortgage and provided details to the client, advising the client that it was unlikely complete within the necessary timescales. This would mean he would have been at risk of penalty charges or at worst, losing the property completely along with any deposit and fees already paid.
After many discussions the client opted for an option we secured for a bridging loan with one of our specialist lenders who are able to complete on the deal within a short timeframe. The plan would then be to remortgage away from the bridging loan to a conventional buy to let mortgage after the necessary 6 month period of ownership had elapsed.
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Summary:
Even when the route of conventional mortgage does not seem viable, being a whole of market broker means we have the knowledge and tools to find suitable funding within tight timeframes for our clients.
Speak to us today to speak with one of our professionally qualified Bridging Finance Mortgage Advisors. Call us on 03330 166 600. Alternatively, please complete this short online form and one of our Advisors will call you right back.