Overcoming challenges to refinance a buy-to-let property

A repeat client recently required assistance with refinancing another buy-to-let property.

What were the client’s objectives?

This particular client was considered by many lenders as inexperienced, which meant that they were often placed with specialist lenders who would charge higher interest rates and fees.

The client also had light adverse on their credit profile, which although was two years old and paid up to date at the time of application, still affected the finance opportunities available to them.

What solutions did we offer?

We found that some lenders were unable to help because the security property on this particular deal was a house in multiple occupation and the client needed 75% loan to value to complete the purchase.

Fortunately, our expert advisers were able to find a lender who could understand and accept the client’s unique set of circumstances whilst at the same time offer competitive interest rates and arrangement fees. The lender offered a very competitive rate for the client at 75% LTV whilst taking a more lenient view on matters which concerned other lenders in the same market space.

How did we ensure success?

Our excellent working relationship with the lender, allowed us to ensure that all potential concerns were fully addressed and approved before undertaking work on the case that would result in a fee for the client. This prevented a cost being wrongly incurred and gave the client comfort that they were with a suitable lender from the outset.

The client was delighted with the loan that was offered and has already indicated that they will use our services for another buy to let property.

“I am a landlord who is fairly new to buy to let property & I have been investing in property for the past 12 months. I am expanding my portfolio as and when I see the ideal opportunities to do so. The property types I am looking to buy range from standard let houses & flats to HMO’s & semi commercial investment properties.

I want to work with brokers/lenders who can understand my specific requirements fully so that I am with the best option straight away. I have used Finance 4 Business during the last 12 months on 2 deals and I will continue to use them as I believe that they have access to some of the most competitive lenders on the market and have the in house expertise to fully understand my borrowing requirements so that I am placed with the best available option.”