Buy to Let - Completion in 4 days from application
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.
|Product Type||Buy To Let Mortgages|
|Property Type||Residential Buy To Let|
|Loan to value||75%|
Financial Package Delivered
|Charleston Advisor||James Hardwick|
|Loan Manager||Karen Ford|
|Interest Rate||4.94% 5yr fixed|
|Repayment Type||Interest only|
To discuss a similar situation call one of our advisors on 1908972491