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Our Case Studies Inter-Sibling Lending Solution for A Buy to Let Property

Inter-Sibling Lending Solution for A Buy to Let Property

Inter-Sibling Lending Solution for A Buy to Let Property

Are you seeking a buy to let mortgage, but have a complex income structure? We have the banking contacts to provide a tailored solution where other lenders may not be able to help. To discuss this or any other large or complex mortgage case, please contact us on 020 7519 4984 or email us.

Case Profile

As a specialist mortgage broker, we often find clients come to us when other lenders or brokers have failed to find a suitable solution. In this case, our client had been let down by a broker who failed to proceed with her case because she was looking to buy a property from a sibling.

The agreed sale price of the buy to let property was £1.9 million. Our client did not have an income and was looking to refinance an existing property to help towards the cost of the purchase. Therefore, our team needed to find two products; one to help with the refinance and one which could offer a high enough loan on a pay rate basis, based upon the rental income being achieved.

Solution

Our mortgage specialist analysed our client’s particular situation and approached a trusted lender who they knew would be willing to take on the case.

The lender was happy to accommodate our client and arranged a buy to let mortgage, which was calculated at pay rate in order to offer the required loan. The lender had no objection to the inter-sibling lending and accepted to refinance her existing property as she was able to prove rental income, demonstrating that the property would continue to be rented out as it was on a long-term assured tenancy agreement. Additionally, the lender accepted a re-type of the original valuation, which saved the client considerable extra cost.

The client was relieved to have found a solution and delighted with the interest rate and terms secured.

Deal Highlights

Loan amount:£910,000 (across 2 properties)
Rate:3.69%, 5 year fixed rate
LTV:65%
APR:5.04%
Term:20 years
Type:Interest Only
Loan purpose:Purchase and remortgage

 

Notes

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.

Overall cost for comparison 5.04% APRC representative variable based on 60 payments on a fixed rate of 3.69% Plus Bank of England Base Rate followed by 180 payments at a variable rates, currently 5.20%. Because all, or part of, the mortgage is currently, or will revert to, a variable interest rate mortgage, the actual APRC could be different from this APRC and the payments could increase, if the interest rate of the loan changes. The actual rate available will depend on your circumstances. Ask for a personalised illustration.

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.

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This Month’s Top Fixed Rate

Fixed rate
Initial rate: 1.35%

Period: 2 years

Rate will revert to a variable rate, currently 4.99% thereafter
The overall cost for comparison is 4.46%

Get This Rate

This Month’s Top Variable Rate

Variable rate
Initial rate: 0.97%

Period: 2 years

Rate will revert to a variable rate, currently 4.99% thereafter
The overall cost for comparison is 4.37%

Get This Rate

Some of this month's top interest rates are listed above; the actual rate will depend on your circumstances. Please note that this information does not contain all the details you need to choose a mortgage, ask one of our advisers for a personalised key facts illustration on 020 7519 4900. The rate displayed may become out of date at short notice.

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