Client circumstances:
We received a call from a broker whose clients were looking to expand their rental portfolio. They were partway through purchasing a new asset and had already agreed a completion date with the seller. However, with the deadline to exchange contracts getting closer and closer, the clients urgently needed to secure an offer from a buy-to-let mortgage provider to ensure they didn’t lose the property. Knowing our ability to move at speed, their broker approached us for assistance.
MT Finance solution:
Understanding the urgency of the situation, our BTL team quickly got to work. The application was fully underwritten the day it was received and one of our approved valuers agreed to undertake the valuation the next day. Thanks to everyone moving quickly, we were able to issue the offer in five days. This enabled the clients to exchange contracts with the seller as per the deadline. A completion date was then set. Once this was reached, we were able to issue a BTL mortgage of £164,475 which was 75% loan-to-value of the property’s open market value of £215,000. The term was set for 10 years.
The benefits:
Thanks to the collaboration between all stakeholders, our clients were able to exchange contracts on time and secure the property they were purchasing. Once the mortgage had completed, they went on to finalise the sale, subsequently adding to their rental portfolio.