Specialist buy to let lender Rely says it’s helped a first-time landlord left high and dry by other finance firms.
The customer was purchasing a property valued at £865,000 and required a loan of £160,000 at 20% LTV on a two-year fixed rate.
The property was expected to generate rental income of £2,000 per month.
Despite the property’s location close to London Bridge, a previous lender raised concerns about saleability and declined the application.
Rely says it assessed the property using a desktop valuation, removing the need for a physical inspection and helping the application progress quickly.
A Rely spokesperson says: “This case demonstrates the importance of assessing each application on its individual circumstances. By taking a closer look at the property and using the tools available to us, we were able to provide a straightforward solution and deliver the speed the broker and customer needed.
“Combining responsive underwriting with a simple application journey helped us provide certainty at a crucial stage of the transaction.”
This article is taken from Landlord Today