Mr & Mrs M

Buy to Let Case

Mr & Mrs M contacted us when they needed to review their current seven buy to let mortgages.

The clients were looking to re-mortgage all of their buy to let properties within their portfolio. This included a block of six flats (of which five were buy to lets and the clients own residential property), a house let out to students (classed as a HMO), and a flat with a short lease.

The reason for the re-mortgages was so that the clients could raise funds in order to clear their own residential mortgage, extend a lease and increase their savings fund.

The clients current mortgages were coming to the end of their terms and the existing lenders were unable to assist them again due to the clients being aged 69 and 75.

At this point in time, the clients did not wish to sell the properties as they were providing them with a good rental return. The ideal requirement for the clients was to extend their BTL mortgage terms for a further 10 years. After that time they planned to pass some properties over to their children and sell the rest.

Regardless of the fact that these were very difficult mortgages to place as the majority of lenders would not consider lending due to it being deemed as a high risk lending, Homeline Mortgages managed to agree mortgages on all seven properties enabling the clients to proceed with their plans for the future.

The Financial Conduct Authority does not regulate some forms of Buy To Let mortgages.