Type of Loan – Buy to Let
Purpose of Loan – Refinance to Capital Raise
Security – 2 bedroom terrace in Fishguard
Value of Loan – £108,750
Details & Difficulties
Time taken from submission to completion – New case came into the practice on the 5th February for assessment, application put through to Precise Mortgages on the 13th February and the cases completed on the 28th March.
The security is adjacent to the applicants residential – Some lenders will refuse applications on this basis.
One applicant had an outstanding tax bill that needed to be cleared prior to the offer.
The valuation came in at £10,000 lower than anticipated so the available loan was reduced accordingly.
Had to take a 5 year fixed rate due to the rental stress test.
Gross Fees Generated – £1631.25
Lender – Precise Mortgages
Any Subsequent Fees/Opportunities as a result – client also currently has a commercial application with us to refinance their commercial property