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The clients wished to restructure the finance on their Buy to Let portfolio of over 60 properties. The challenge lay in the fact that they required a lender prepared to offer bespoke terms on a ten year fixed rate basis, for such a high number of properties.
The clients had built and managed their significant property portfolio over the last 25 years. As a result of the pending tax changes linked to ownership structure, they had taken the step of incorporating all the properties into a newly formed limited company. As a result, they also wished to restructure their borrowing. The Prudential Regulation Authority changes, which at the time were yet to come into force, were also central, as it might affect the amount they could borrow.
For the clients, it was important the mortgages were not split among more than three or four different lenders; this would reduce the complexity and administrative burden. They approached us with the mandate to source an interest-only mortgage, ideally on a ten-year term, at 65% Loan to Value.
Using our considerable experience in arranging large and complex mortgages, and our relationships with the most competitive mortgage lenders, we successfully sourced the funding the clients required.
After evaluating their circumstances fully, we facilitated meetings and presented their case to the preferred lenders. We emphasised the clients’ experience in the sector and evidenced their long and successful track record of performance and profitability. This created considerable confidence to all involved.
After weighing up the options, we chose a lender who would be happy to lend on all the properties in the portfolio, on the terms the clients wanted. The clients benefited from the simplicity and consolidation of all the mortgages, which makes managing the portfolio far easier.
The clients were happy with the solution we provided and were able to successfully remortgage all their properties and meet their broad financial planning objectives.
You can read more about portfolio lending here.
|Loan amount:||£7.32 million|
|Rate:||3.39% fixed rate|
|Lender’s arrangement fee:||3% of the loan amount|
|Early repayment charges:||2% of the loan amount|
This case study is for information and illustration purposes only. It is not an offer, or suggestion of an offer. Each mortgage case is assessed on an individual basis and there is no guarantee that the solution described here can be repeated in the future.
Please note that this specific deal may not be available to – or suitable for – all customers, dependent on their individual circumstances. The rate quoted may become out of date at short notice and may not be available at the point at which customers enquire about it. This document may not contain all the information needed for customers to make a decision and they should seek advice.
Your home or property may be repossessed if you do not keep up the repayments on your mortgage. Changes in the exchange rate may increase the sterling equivalent of your debt.