office block

Converted office block, flat purchase – Case study 

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The client:   The client had seen an attractive investment opportunity which was a large multistorey office block, in a city centre location which was in the process of being converted […]

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The client:  

The client had seen an attractive investment opportunity which was a large multistorey office block, in a city centre location which was in the process of being converted into multiple flats. Our client was a portfolio landlord with a spread of existing properties from traditional Buy to Lets to Serviced Accommodation, both in personal names and also a limited company. 

The Scenario:  

The key element to this case was to find a lender who was comfortable with this type of property as a security.  Not only is it a converted building but one that is potentially considered to be investor led. This limits the lenders we could approach as some would not like the fact it is a converted building and some steer clear of investment led developments as when the time eventually came to sell it on, it would limit potential buyers. 

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The Solution:  

Due to our access to lenders’ Business Development Managers and being a whole-of market-broker who works with all 300+ lenders; not only were we able to discover a lender that would consider this kind of property, but also we found one that was most likely to accept ‘subject to valuation’. Our client was made aware the application would be subject to valuation and was happy to move forward with the risk as the opportunity was too good to turn down. 

Summary:  

Many investors looking to purchase properties of this kind unfortunately have their mortgage applications declined when it comes to the valuation stage.  Using a suitable lender who is comfortable with this kind of development is key. As a whole of market broker, we can approach these specialist lenders and discuss in person to find the best suitable lender for our clients. 

Contact us today to speak with one of our CeMAP certified Mortgage Advisors. Call us today on 03330 166 600 Alternatively, please complete this short online form and one of our Advisors will call you right back.  

shared ownership

BTL purchase – First-time Landlord Case study 

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The client:   The client was looking to invest some capital into a property. Despite the recent rate rises this was an attractively priced property and one that the client believed could […]

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The client:  

The client was looking to invest some capital into a property. Despite the recent rate rises this was an attractively priced property and one that the client believed could have the potential for capital growth. As a first-time landlord the applicant wanted whole of market advice to make sure that they had the best mortgage product available. As well as that we were able to guide and advise on the property buying process more generally. 

The Scenario:  

The client had an offer accepted and was ready to proceed with a mortgage when they contacted us. We would now have to act fast to secure the best deal for the client, finding a lender who was happy to take first time landlords with no experience in the industry. 

The Solution:  

Given their offer had already been accepted we were able to act with speed. After an initial appointment we were able to submit a mortgage application the very next day after receiving documents overnight via email. The chosen lender was happy to move forward with the clients being first time landlords and they worked at speed for our client in this challenging time to secure the best rate available. 

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Summary:  

The property market can be fast paced and many Estate Agents require sight of a mortgage agreement in principle before they will mark a property as under offer and cease viewings.  All the while this is happening there is a risk that a rival offer will be submitted and you could lose out. Therefore, dealing with a Mortgage Advisor who can act quickly is crucial. 

Contact us today to speak with one of our CeMAP certified Mortgage Advisors. Call us today on 03330 166 600 . Alternatively, please complete this short online form and one of our Advisors will call you right back. 

rate

Second Mortgage to consolidate unsecured debt – Case Study 

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The Client: The clients were a married couple who owned their residential home and two Buy to Let properties.  The husband was self-employed and the wife a homemaker.   The clients […]

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The Client:

The clients were a married couple who owned their residential home and two Buy to Let properties.  The husband was self-employed and the wife a homemaker.   The clients had multiple overdrafts which were almost up to their limits.  The clients had been using the overdrafts to stay afloat, a credit card also up to its limit of £14,500 and took out unsecured loans.  The client’s disposable income was in a negative situation.  If the clients didn’t act fast, their credit files would be effected and this would jeopardise any future mortgage applications or the clients would end up with very high rates.

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Scenario:

The clients wanted to remortgage one of the Buy to Let properties that had a fixed rate of 2.6% which was due to end in 2026. The mortgage lender that the client was with didn’t have any Early Repayment Charge (ERC) whilst in the fixed rate period.  With market conditions at the moment, the client’s rate would have doubled if we were to remortgage now.  So, a solution was found to protect the relatively low mortgage rate, and to help client consolidate the unsecured credit to a more manageable repayment. 

The Solution: 

A Second Charge mortgage was raised for the client.  This in turn protected their existing mortgage rate of 2.6% and helped to capital raise to settle unsecured credit. 

The clients raised £43,000 by means of a second mortgage against the Buy to Let property and will be self-funding from the rental income alone.  The second mortgage lender was happy to consolidate the unsecured credit. 

The second mortgage reduced their monthly outgoings from £1,010 per month to a more comfortable repayment of £348 per month.  The client is no longer in a negative disposable income situation.  Their disposable income is now in a more positive position and the clients now have a better quality of life and funds left over for any life events.  

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The pressure and stress they were experiencing was removed.  The second mortgage offered is on a 2yr fixed rate, which will tie in nicely for when client is looking to remortgage when the fixed rate of 2.6% ends. 

By settling all the unsecured credit this also helps the client to be in a better position for remortgage options in the future when their fixed rate ends in 2026 and help client not to have an adverse impact on their credit file. 

Summary: 

Even with high levels of unsecured credit and negative disposable income it is possible to find solutions for our clients as we have the knowledge and tools to reach out to specialist lenders. 

If you have any questions relating to Residential mortgages &/or non-standard scenarios such as this, contact us today to speak directly with one of our CeMAP certified Mortgage Advisors. Call us today on 03330 166 600. Alternatively, please complete this short online form and one of our Advisors will call you right back. 

rate

Right to Buy Purchase with Adverse Credit – Case Study 

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The client:  The client’s objective was to purchase a property through the Right to Buy scheme.  The clients were both brothers, one of whom had learning difficulties and was in […]

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The client: 

The client’s objective was to purchase a property through the Right to Buy scheme.  The clients were both brothers, one of whom had learning difficulties and was in receipt of benefits.  The other applicant was his brother’s registered carer and as such received an income from direct payments. He was also self-employed with a business which had been running for only 12 months. Both brothers also had historic adverse credit. 

The Scenario: 

On assessing the application, using the benefit income and direct payments income received for the care of the brother the case was accepted based on affordability and the lender was happy to take the historic adverse credit into consideration.  However, with regards to the Right to Buy papers received from the council, the lender wanted to include the amounts for further home improvements.  This meant that the mortgage was no longer affordable. 

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The Solution: 

As the client had been self-employed for only 12 months the self-employed income provided on the Tax Computations wasn’t enough to take on the extra cost of the improvements to be made on the property.  However, the lender that we placed the client with was happy to work on projected income figures.  The client’s accountant was required to complete an Accountant’s certificate for the projected income figures for the business and had to provide an explanation as to why the projected income figures were higher than the previous year.  The lender was happy to proceed with the projected income figures from the business, and clients are now able to purchase the property from the council. 

Summary: 

As we are a whole of market mortgage broker, we have access to over 300 lenders, some of whom will accept certain benefits income, meaning we can help a wide variety of clients. Also, with our knowledge and skills we can find lenders who will take a view on self-employed income when a business is relatively new which opens a lot more doors to our clients.  

If you have any questions relating to Residential mortgages &/or non-standard scenarios such as this, contact us today to speak directly with one of our CeMAP certified Mortgage Advisors. Call us today on
03330 166 600. Alternatively, please complete this short online form and one of our Advisors will call you right back. 

house prices

Auction Purchase via bridging loan – Case Study

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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 […]

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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.

Contact us today to discuss Bridging Loans and how we can assist you.

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.

house prices

Lending into retirement for Portfolio Landlords – Case Study

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The Client: The client was a semi-retired gentleman who had a portfolio of Buy to Let properties. His income mainly derived from this portfolio. Scenario: The client had the opportunity […]

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The Client:

The client was a semi-retired gentleman who had a portfolio of Buy to Let properties. His income mainly derived from this portfolio.

Scenario:

The client had the opportunity to purchase another portfolio of properties and needed to refinance his current properties quicky to secure funding for the deal.

We looked at the option of remortgage but with multiple costs and valuations needed, this did not fit the clients budget or timescales.

We then looked at the option of using second charge lending which was made more difficult due to many of the current mortgages being with now defunct organisations who would be unlikely to allow a second charge on their asset.

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The Solution:

Using our specialist panel of suppliers, we aware able to secure funding for the client at a competitive rate with one lender who took a charge across all the properties in the client’s portfolio. This resulted in fewer charges for the client and a much quicker transaction, meaning the client was able to secure the new properties he had his heart set on.

Summary:

When a client needs to move forward quickly, this does not always means higher fees and rates. As a whole of market broker we can make sure we are recommending the right lender for our clients individual situations, also making sure they are given the best customer service possible to secure the deals in a timely manner.

Contact us today to speak with one of our CeMAP certified Mortgage Advisors. Call us today on 03330 166 600. Alternatively, please complete this short online form and one of our Advisors will call you right back.

property

BTL Remortgage with Capital Raise for Portfolio Landlord – Case Study

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The Client: The client was an employed lady with various investment properties, all of which were mortgaged. The client had some previous issues with her tenants in some of the […]

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The Client:

The client was an employed lady with various investment properties, all of which were mortgaged. The client had some previous issues with her tenants in some of the properties and was looking to remortgage to a more favourable rate on order to reduce her monthly payments. Her income was a combination of salary and income from Land and Property.

Scenario:

The client wished to refinance the Buy-to-Let Mortgage and raise further capital whilst reducing the interest rate and monthly payments on one of her portfolio properties. She had historic credit issues due to tenants not paying which resulted in one of her properties being repossessed by the lender and the balance of the debt was still in dispute with.

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The Solution:

We sought out a specialist BTL Lender from our panel who was able to accommodate the adverse credit and the previous repossession to not only raise capital but also reduce the current rate of interest paid and her monthly mortgage repayment even with a larger loan.

We checked with a number of lenders regarding their specific criteria to ensure that the loan could move forward with the minimum of issues prior to our application.

Summary:

Client’s often think remortgage doors are closed to them when they have adverse credit, however as a whole of market broker we can provide options for even the most complex of cases by using our knowledge set and resources available to us.

Speak to us today to speak with one of our professionally qualified Mortgage Advisors. Call us today on 03330 166 600. Alternatively, please complete this short online form and one of our Advisors will call you right back.

HNWIs

Limited Company Remortgaging with Capital Raising for renovations – Case Study

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The Client: The client was part owner of a Limited Company with a multiple directors. The property was owned by the limited Company and was a listed building which had […]

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The Client:

The client was part owner of a Limited Company with a multiple directors. The property was owned by the limited Company and was a listed building which had previously been converted for use; partly to house their information technology company and the remainder would be used for either office space or lettable accommodation – this was to be decided once additional funding had been secured.

Scenario:

The client wished to raise additional funds to complete necessary conversion works and also secure more favourable terms than their current lender. Current lender was no longer willing to extend further finance due to the intended conversion works on the property and the nature of the building itself.

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The Solution:

We sought out a specialist lender who was able to accommodate the building type, the ownership via a Limited Company and the intended conversion works while still obtaining very favourable market rates.

We checked all criteria with the lender were able to secure terms with a minimum of paperwork and a very quick turnaround time.

Summary:

Lenders can be cautious of conversion and renovation projects, especially on listed buildings. Those that will accept often have much higher rates on offer, however as a whole of market Broker we have the tools to find a solution for these clients at much more favourable rates then they may have previously been quoted.

Speak to us today to speak with one of our CeMAP qualified Mortgage Advisors. Call us today on 03330 166 600. Alternatively, please complete this short online form and one of our Advisors will call you right back.

residential

Joint Borrower Sole Occupier Mortgage – Case Study

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The Clients: In this instance, our clients were a Mother and Daughter who wished to make a joint application. The Mother had recently sold her property and was looking to […]

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The Clients:

In this instance, our clients were a Mother and Daughter who wished to make a joint application. The Mother had recently sold her property and was looking to purchase a new property which would become her main residence.  The Daughter lived with her partner quite a distance away from her Mother, therefore the plan was for the Mother to find a new residential closer to the Daughter’s family home.

The Scenario:

A suitable property was found close to where the Daughter resides with her partner.  However, the proceeds of the sale of the house were not sufficient to purchase the property outright.  The property that Mother and Daughter wished to purchase required a mortgage of £90,000 to complete the purchase, but this proved difficult to obtain due to Mother’s age and affordability. 

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The Solution:

A Joint Borrower Sole Proprietor Mortgage was recommended – this allowed the Daughter to continue living with her partner and the Mother to move into the property.  Both Mother & Daughter are responsible for the mortgage payments, and both named on the mortgage.  However, Mother would be the sole proprietor.

The Lender was happy to go to the maximum age of 99 years based on mother’s age.  The lender viewed Daughter’s bank statements which confirmed Daughter did not contribute to the running of her partner’s home and affordability of the mortgage was confirmed by the Lender.

To protect the Daughter’s interest in the property, the Daughter had taken independent legal advice.

The mortgage completed without any issues and delighted to say the Mother is very happy in her new home and close to her Daughter.

Summary:

Securing finance in later life can be challenging as lenders will normally only lend up to retirement age, therefore making monthly repayment amounts unrealistic and unaffordable. As a whole of market Mortgage Broker, we can explore all avenues to find the best solution for our customers that work with their plans and budget.

If you have any questions relating to Residential mortgages &/or non-standard scenarios such as this, contact us today to speak directly with one of our CeMAP certified Mortgage Advisors. Call us today on 03330 166 600. Alternatively, please complete this short online form and one of our Advisors will call you right back.