Auction property purchase, FY5
The client required £122,000 to complete the purchase of an investment property via auction. He approached his existing mortgage lender but the deadline for completion was tight. Time was running out and he faced risking his £50,000 deposit.
MT Finance solution
On receipt of the enquiry we issued an offer in principle to the client and was able to instruct the valuation and solicitors on the same day. This speed and proactive approach allowed us to complete the transaction in just 10 days, providing a £122,000 loan at 65% LTV. Interest was retained at 0.85%, over a 12-month term.
By taking out a short-term loan, the client had time to purchase and modernise the property. As there were no exit fees, or early repayment charges, the client was able to source the best buy-to-let product available shortly after completing the works, raising additional monies against the enhanced value repaying our loan and providing working capital.