Case study: Buy to let mortgage for an ex local authority flat with deck access

The Problem

An experienced landlord with a large portfolio of 52 properties held within a limited company structure, contacted Ingard for help securing a buy to let mortgage for an ex local authority flat in North London. The property was deck access which greatly restricted the number of lenders who would consider it and was situated on the fifth floor, another factor that would pose an issue with some lenders.

On a positive note, as the buy to let mortgage for an ex local authority flat is based in London, some lenders will still provide competitive terms as demand is generally high and property prices consistently remain strong.

The Solution

Ingard’s Specialist Team reviewed the case and was able to secure a buy to let mortgage with Vida Homeloans, on a rental assessment based on 125% at pay rate on a five year fixed rate. Due to the size of the client’s portfolio, mainly only lenders who apply a specialist approach would cater to our client.

As a new-breed buy to let lender, Vida Homeloans offers mortgages for a wide range of underserved customers, including ex local authority flats above four floors with deck access, expats within the EEA, HMOs, MUBs and borrowers up to 95 years of age, to name but a few.

As an added bonus, Vida Homeloans currently has a flexible approach to buy to let properties in the background which greatly helped to speed up the processing of the case. After the PRA changes affecting buy to let mortgages are implemented on the 30th September 2017, all background properties will need to be declared so that affordability across the portfolio can be assessed. For more information on the imminent PRA changes, click here.