Second charge loan enables a BTL investment purchase

Second charge loan enables a BTL investment purchase

Our applicant, a self-employed professional with an expanding business, wanted to put the equity in their home plus some savings to good use by investing in a buy to let (BTL) property.

The applicant discussed their options with their Credit Intermediary, who was an approved introducer for UTB, and together they completed a fact find and established that United Trust Bank had a loan which suited their needs.

The application was received with a fully completed accountant’s certificate, the applicant’s most recent Tax Calculation, Tax Overview and the valuation report. These enabled us to quickly carry out the initial underwrite of the application. Once the outstanding information had been received, including sight of the BTL mortgage offer and evidence of the expected rental prices of similar properties in the same area, the underwriter was confident that the BTL mortgage payments were adequately covered so no associated costs needed to be included in the affordability checks for the UTB loan. We were subsequently able to release the mortgage offer within a few days.

The applicant found the perfect property to purchase and with the BTL mortgage with another lender already agreed, this together with UTB’s £286,000 second charge loan and savings meant the purchase could go ahead without delay.

Offers are accepted by returning the original Mortgage Deed, which the customer did in time for the Bank to release the funds 48 hours later to the solicitor instructed for the purchase.

Borrower
  • Single Parent
Amount
  • £286,000
Loan Type
  • Second Charge – BoE Tracker
Location
  • London
LTV
  • 69.5%
Loan Term
  • 25 years
Loan reason
  • Purchase a Buy to Let investment property
 Special Features
  • Self Employed
  • Asset Purchase


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