Case Study –Buy-to-Let Remortgage

Property Value	£300,000
Loan Amount	£206,000
Location	Croydon
LTV	68%
Achieved Rate	4.69%
Completed	April 2023

The Client

Our client required assistance remortgaging their buy-to-let property before rolling onto the lender’s Standard Variable Rate (SVR). The property in question had obtained an EWS1 rating of B2, which highlighted the requirement for remedial works. Previously, the property had been granted a ‘consent to let’ basis, as the client had occupied the premises. However, a full buy-to-let basis was now required.

professional man smiling and looking at paperwork

The Solution

We presented the case to a lender who agreed to lend on the condition that remedial works on the building had been put in place and were due to commence shortly after the mortgage completed. In addition, we presented interim safety measures to the lender to dispel any doubts about the building's suitability as mortgage security. The lender agreed to provide the full loan amount required, enabling the client to proceed swiftly to completion.

The Henry Dannell Difference

To strengthen our case for obtaining a suitable mortgage for our client, we procured various essential documents from the developers. These included an EWS1 report, letters of comfort, and external façade reports, which provided us with a strong foundation to present to the lender. By doing so, we were able to provide the necessary reassurance that the building's safety was uncompromised and that it could serve as a suitable mortgage security for our client.