Maximum Loan on a Buy To Let
See how we helped this customer get the maximum loan to purchase a Buy to Let Property
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The Story
With fluctuating interest rates, we are often approached by Buy to Let customers who require the maximum loan based on the rental income.
Sometimes this is because they want to expand and grow their property portfolio for which they require additional borrowing through the remortgage of their existing buy to let properties.
Other times it is because they are looking to make a purchase and are struggling to get the finance that they require when they approach lenders directly. Due to the large number of lenders that we have on our whole of market panel, many of which do not sell to customers directly, we can conduct extensive research to find the lender that will lend the maximum based on the rental received.
One such situation was where a customer wanted to purchase a property on a Buy to Let basis.
What Did Cubic Financial Services Do?
The customer was finding that when approached the lenders directly they were unable to get the mortgage that they required based on a 25% deposit basis. Some of the reasons that they were as follows:
Unable to meet the minimum earned income threshold
High interest rate did allow the rental to loan calculation to fit
Element of Gift deposit
We took the case to multiple lenders who were on our panel and were successful in sourcing a lender who was able to lend the client based on the rental income.
The Results
Approaching a whole of market adviser for the customer was key to them getting the mortgage amount that they needed.
Sometimes with lenders that you approach directly, you might find that their criteria can be limiting- especially for Buy to Let mortgages.
If you are looking to purchase in the name of a limited company, then you will likely find that there are even fewer lenders who will cater for limited company scenarios so it’s always worth talking to a mortgage adviser during the process.
