BTL mortgage offer withdrawn, WD19
Our client required a quick turnaround to complete the purchase of a buy-to-let property. He had been let down by his BTL lender, who had withdrawn a previously agreed offer, due to changes in their lending, caused by Covid’s impact on the market.
MT Finance solution
Even with the tight turnaround, we managed to step in and within 14 days of the offer going out and just two days after the valuation report was received, provided a £378,000 bridging loan.
Funds were secured by way of first charge at 58% LTV, based on the open market value of £650,000. Interest was retained at 0.85% over a 12-month term, with no early repayment charges or exit fees.
The quick release of funds meant our client was able to complete the purchase of the buy-to-let property within the required timeframe. The 12-month term will give the client enough time to source refinance with a BTL mortgage lender, enabling him to redeem our short-term loan.