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Case Study – Stoke on Trent BTL

Our AR was approached by a client who owned two unencumbered BTL properties of low value in the same street in Stoke on Trent, for a refinance to release some funds for a forward purchase.  He believed each property was valued in the high £40ks. Our regulated team were unable to place the application due to the low values. As the client was looking to refinance both properties at the same time, and having previously completed on a similar case, we approached our lending partner Shawbrook who have some discretion on their minimum value of £50,000 when there is more than one security.


Once the client had agreed to proceed with Shawbrook, we started the application on 4th October, requesting a £75,000 loan against a total value of £100,000.  Shawbrook advised that they were able to use the Automatic Valuation Model (AMV) and agreed a maximum loan of £71,900.  As the client wasn’t entirely sure of the valuations, he was happy to proceed on this basis and also avoided valuation fees and delays waiting for the valuation to take place.


The indicative mortgage offer was issued on 10th October and all requested documentation provided by the client immediately.  This made the process quick and helped the case immensely and as a result was offered on 22nd October.  As he already owned the properties, Shawbrook advised that the client could go ‘Non-Represented’ on the legal side, so the legals would be actioned by Shawbrook’s solicitors only, thus again saving both time and money.  From there, the lender moved swiftly and the case completed on 6th November, with both the client and the AR very happy with the service provided.


Total fee income of £1902.74.