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Buy to Let - Completion in 4 days from application

Witten By: by Charleston Financial

Our client, an experienced property investor, came to Charleston looking to release capital on a Buy-to-Let property held as part of a portfolio.

The funds released were needed in order to complete on a pending auction purchase, of which their mortgage fell through at the last minute leaving them exposed to almost £20,000 in penalties if they were unable to complete.

The Buy-to-Let property, valued at £150,000, with rental income of £850.00 per month, was sufficient for most lenders on a standalone basis. However, as the customer also held a portfolio they were classified as a "portfolio landlord" which meant several lenders would not lend on this basis when taking the outside portfolio levels into account.

The main challenge of this application however, was that the customer required the funds inside of 7 working days to avoid breaching auction conditions, writing off virtually all lenders.

Charleston pulled out all the stops, and presented the case to one of our specialist lenders, Shawbrook bank. Utilising their brand new Buy-to-Let online system we were able to cut out weeks of processing that would usually occur with a normal Buy-to-Let application, thanks largely to the benefit of an automated valuation instructed by Shawbrook’s new online system. Additionally, the customer passed the credit score criteria which meant they were not required to supply any supporting information, thus dramatically speeding up the process.

Shawbrook were extremely flexible and moved to the clients times, issuing their formal mortgage offer within 24 working hours, which was signed electronically by the customer.

Legal's were instructed on a "fast track" legal process which removed the need for lengthy searches and also the potential for further queries resulting in unnecessary delays.

The funds were drawn down in 4 working days from the initial application, faster and cheaper than any bridging products out there, resulting in a very happy customer.

Customer Requirements

 Product Type Buy To Let Mortgages
 Property Type Residential Buy To Let
 Completion September 2021
 Loan to value 75%
 Property Value £150,000
 Location Northampton

Financial Package Delivered

 Charleston Advisor James Hardwick
 Loan Manager Karen Ford
 Lender Shawbrook Bank
 Loan £115,000
 LTV 75% LTV
 Interest Rate 4.94% 5yr fixed
 Repayment Type Interest only

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