Buy To Let - No Income
A Buy to Let with no personal income - no problem
Our client owned 2 assets, her main residence and the newly built BTL property.
The BTL was valued at £850k with approx £80k of bridging secured on it. Our client was also looking to capital raise to fund her next project, for an amount in the region of £400k to £500k.
The client had been living off savings and had let the property for just a couple of months, but had no provable means of income and had been out of work for 3yrs.
With no landlord experience, no employment and no provable means of income this effectively ruled out all the usual BTL lenders.
Charleston presented a case to one of our commercial lenders in the hope for an exception based on the fact that the client was asset rich, had no other debt and was now in receipt of rental income for the last couple of months. We were able to gain agreement to lend an amount of £437,000 on a 5yr fixed @ 4.44%, enabling the client to move onto her next project.
|Product Type||Buy To Let Mortgages|
|Property Type||Residential Buy To Let|
|Loan to value||52%|
Financial Package Delivered
|Charleston Advisor||Cara Delemere|
|Loan Manager||Karen Ford|
|Interest Rate||4.44% 5yr fixed|
|Repayment Type||Interest only|
To discuss a similar situation call one of our advisors on 01908597811