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80% LTV achieved for experienced landlord looking to raise capital

80% LTV achieved for experienced landlord looking to raise capital

An experienced landlord with 15+ rental properties approached her broker looking to raise finance to expand her portfolio.

 

The client was looking to remortgage one of her rental properties – a two bed mews house in Bradford.

 

She was looking to achieve the highest loan amount possible, so she could put down deposits on a further two rental properties.

 

The broker approached Keystone because he knew that our Classic Range has products available up to 80% loan to value and we do not have an upper limit on the number of mortgaged properties a landlord can have in their portfolio.  

 

The client, who had been advised by her accountant to make the purchase personally, chose a three year fixed rate. Here are the details of the case which went through without a hitch:

 

Property value: £95,000

Loan amount: £74,500

LTV: 78% (80% inclusive of arrangement fee)

Rate: 4.29% three year fixed rate

Term: 15 years interest only

Product: Classic Range

Borrower: Individual

RTI: 145% @ 5.5%

Lender arrangement fee: 2% (£1,490)

Mortgage payment: £270 pcm

Rental income: £500 pcm

Gross yield: 6.3% pa

Broker proc fee: 0.60% (£447)


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