Large Loan Case Study
Stacey Forrester, Specialist Mortgage Consultant at Brightstar, recently arranged a £1,888,700 Buy-to-Let (BTL) refinance facility for an experienced 81-year-old landlord. The client was looking to clear bridging finance that had been secured against one of her BTL properties, while also adding her daughter onto the mortgage. Given the client’s age and her daughter’s status as a homemaker with no income, there were several complexities involved in the application.
The client’s primary goal was to secure the longest term available, but this proved difficult due to her age, as lenders typically offer shorter terms to borrowers over 80. Additionally, adding her daughter to the mortgage presented challenges due to her lack of income. With these factors in mind, Stacey worked closely with the lender to ensure the lowest possible rate while maximising borrowing potential.
The loan was secured at a competitive 62% loan-to-value (LTV), with a 4.84% rate fixed for five years. This structure provided the client with the necessary funds to clear her bridging loan, add her daughter to the mortgage, and maintain the most favourable financial terms for her situation. The deal, while complex, was successfully navigated, ensuring the client’s financial needs were met with the lowest rate available in a challenging market.
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