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Secured 2nd Charge Mortgage Loan Assists Self-Employed Client’s Purchase of First Buy to Let Property Investment
The UK’s Buy to Let market continues to prove a goldmine for those making the right moves at the right time. UK Property Finance recently helped a client from London collect the keys to his first Buy to Let investment property purchase.
The client had significant equity tied up in his residential home which could be released. He also had a large amount of free funds which when the two were combined created a sizeable deposit allowing our client the opportunity to use products with the best possible interest rates. To access the equity tied up in his own home, we suggested a 2nd charge mortgage loan secured against the clients home.
We chose a 2nd charge mortgage loan instead of a full remortgage as UK Property Finance have access to second charge mortgage lenders who will allow loan sizes of 6 or 7 times an applicants income to be raised at highly competitive rates of interest.
This meant that our client could raise a larger deposit via a second charge mortgage loan than if he had fully remortgaged. Additionally, despite being self-employed our client was able to verify his income using 1 years SA302 tax returns. With our contacts, this made it quick and easy to arrange the loan needed to purchase the investment property and the application for £280,000 was approved and the underwriting process completed in less than five working days.
During the process the client admitted that he been rejected by three lenders beforehand, simply due to his self-employed status. He was delighted with the result we achieved and left the team at UK Property Finance a glowing Trustpilot review for giving him the opportunity to access the Buy to Let property ladder for the 1st time.