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Rising Rental Calculations = Larger Deposit Required

Objective

Our client was looking to purchase a buy-to-let property, to add to an existing portfolio within the Kent area.

Obstacle

However, the client needed a larger deposit than anticipated, to meet the first charge mortgage providers recently increased rental calculations and fell just outside the mainstream lenders affordability.

Outcome

We were able to raise the deposit required, securing the loan on the clients’ main residence at 55% loan to value. Our lender partner was able to offer 6.77 times income at a rate of 5.9% The case completed in three weeks.

Second Charges

  • BTL up to 80% LTV
  • Residential up to 95% LTV
  • 30 days to complete a loan on average
  • Max loan size £2.5 million, more on referral
  • No upfront fees, no legal fees
  • Low early repayment charges
  • Any legal purpose including business

#madeeasy

Location: Kent
BTL Value: £1.265m
Loan Amount: £165k
Security LTV: 55%
Rate: 5.9%