Really pleased to have helped an experienced property professional re-mortgage a residential BTL property. That he purchased for cash, within 6 months of original purchase date.
Client approached Orchard Mortgage Solutions. As his current broker informed him that it would not be possible to re-mortgage the property. As a Whole of Market mortgage brokerage, Orchard Mortgage Solutions have access to lenders. That some other brokers don’t as they are restricted to a panel of lenders.
The property was purchased under market value and client completed an extensive refurbishment over a two month period. Prior to tenant moving into the property. Clients objective was to re-mortgage based on actual market value and to complete as quickly as possible. So that money tied up in property could be released and invested in another property.
We researched the market and presented the client with a couple of options. A decision was made to progress with a lender that offered a 75% Loan To Value. Five year fixed rate mortgage product. The application was submitted and underwritten whilst the refurbishments were being completed. The valuation took place one day following completion of refurbishments. Within five days the client was in receipt of Mortgage Offer at the required level, to allow him to release all money he had tied up in the property.
The re-mortgage completed within one month of the Mortgage Offer being issued.