Client circumstances:
Our broker reached out to us for help securing mortgages on five buy-to-let properties for our client, a portfolio landlord. These properties included one refinance and four private sales from the client’s holding company to create leasehold titles. The client specifically requested a lender who could work quickly and make the process seamless, and our broker knew we had the ability to do both.
MT Finance solution:
Our buy-to-let underwriting team wasted no time and immediately got to work. We instructed valuations within days of receiving the applications and made offers for all five properties in less than a month. Swiftly thereafter – and once we were satisfied with the responses to our legal enquiries – we completed the refinance. The leasehold purchases were finalized just eight working days after that.
Overall, we granted a loan of £2.39 million at loan-to-values of 65.6% to 78.8% for a period of 35 years.
The delay in completing the leasehold purchases was due to the implementation of the leaseholds taking slightly longer in the legal process. However, this was still much faster compared to what most high street lenders could have achieved. Our lead underwriter even worked in-house with the broker who submitted the case, resulting in a very collaborative approach that allowed for quick and smooth progress. The client also played a role in the efficiency of the process by instructing their solicitor well in advance and having dual legal representation.
The benefits:
Thanks to our ability to work on all five applications simultaneously as well as our underwriter collaborating with the broker, we met the client’s requirements and issued five buy-to-let mortgages, as well as creating four new leases. They can now raise capital against the properties’ increased value which can be used to further grow their portfolio.
Find out more:
If you would like to find out more about our buy-to-let mortgages, then we’d love to hear from you. Simply fill out our online form and we’ll be in touch with you soon.