We worked with the broker, the client and our lender panel to break the remortgage down in to four separate applications, adjusting the borrowing across the four security properties so that the rental calculations worked on each property and the client was able to borrow to the level required.
The lender we worked with was able to discount the properties on which they were lending from the portfolio and, as the remaining properties in the portfolio were under 65% LTV, a reduced stress rate of 5.5% at 100% was considered acceptable.
The whole remortgage process took just under six weeks from the time the application documents were received and the client was able to repay the existing mortgage debt prior to the current lender’s deadline.
Please note: This article should not be used as a reference for available products, please REQUEST A CALL BACK OR SUBMIT ENQUIRY to find out the products available for your clients circumstances.
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