Client circumstances
Our client – who was a high net worth individual – had been partway through remortgaging one of their rental properties when their application was declined by the high street lender due to some adverse data that had come to light, despite the client not being at fault. In order to progress with the remortgage, the broker knew that it was vital that they worked with a Buy to Let lender who would think outside the box. Familiar with our determination to find solutions, they immediately contacted our BTL team.
MT Finance solution
We immediately assessed the situation and took a common-sense approach to the case. The fact that our client had proof that it was not their liability and we had assurances that the credit file would be updated gave us the confidence we needed to proceed. However, as updating the credit file was going to take up to 90 days, we added a condition to the offer which stated that the credit file needed to be amended or notice of correction given prior to completion.
Once the credit file had been rectified, we were able to issue a remortgage of £765,035 over 25 years at 75% loan-to-value.
The benefits
By assessing the case on its individual merits we were able to progress with the remortgaging of the client’s Buy to Let property.
The £765,035 will not only cover the remortgage but also provide the client with enough funds to undertake a light refurb of the property, thereby increasing its value. As this will not be an intensive refurb, the client’s tenants will be able to remain living in the property which will reduce the amount of disruption.