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Our clients required a mortgage of £340k against a property value of £1m, in order to refinance their investment property, a holiday let which had been recently developed, and had three properties on one title.
Both clients had complex incomes, one being self-employed with foreign income from Hong Kong and had received a large dividend payment in the last tax year, and the second had a high income in the UK, however had spent large periods of time working outside of the UK. The clients were experienced property investors, with five investment properties already in their portfolio providing rental income. The clients requested an interest only mortgage to minimise monthly payments, and therefore increasing their rental profits.
We needed to source a lender who would lend against multiple properties on the same freehold title, with those properties being rented on a holiday let basis, and equally the lender would need to be accepting of the foreign income from the first client.
Private Finance is able to draw on a vast wealth of industry experience and expertise when attempting to pair our clients with appropriate lenders. On this occasion, we were able to arrange a 5-year fixed rate product at 4.27%, compared to 6.49% on their previous mortgage, saving the clients almost £44k over the 5-year fixed period.
While the mortgage term will go beyond the client’s retirement age, the rental income and income from the other buy-to-lets will cover repayments, and likewise the mortgage met affordable assessments as the rental income was more than enough to cover the monthly mortgage costs if needed.