Loan Amount:
£180,000
Property Value:
£277,000
LTV:
65%
Initial Circumstance
A broker with whom we have worked previously contacted their MFS Business Development Manager, Neil Patel, to discuss a case for one of their clients. The client was a foreign national who was currently in the UK looking for their first UK investment property. They wished to purchase a buy-to-let in London through an SPV.
The client needed to move quickly, due to the developer serving notice. To ensure that they did not lose their deposit, we got straight on to the case and started our process.
MFS Solutions
Whilst the client was new to being a UK landlord, they did have a proven portfolio abroad, and we were therefore able to take this previous experience into account when assessing their track record. We also know the broker well, which meant that we were able to communicate with them and the client in the way which that they prefer. In this case, this was by phone. Neil was in regular contact ensuring they knew exactly where the process was, and how things were progressing at each stage. In return, the broker on this case was as always extremely diligent, making lives easier at MFS and making sure we could all move as quickly as needed.
Benefits
Due to our speed, we were able to complete the application and have funds deployed with bridging speed. We worked to the client’s timeline and got funds to them well before their deadline set by the developer. Neil Patel, the BDM on the case said, “It was a pleasure to be able to get this client their first UK property – may it be the first of many”.
Coincidentally, shortly after Neil’s comment, the client returned to us for finance for their next BTL property. They are able to take advantage of a lower rate on this case, as they are no longer a first time UK landlord.
Further reading:
- Featured Product: Buy-to-Let Mortgage
- Explainer Video: Buy-to-Let Mortgages
- Tool: Buy-to-Let Calculator
- Guide: Guide to Buy-to-Let
- Blog: 17 Questions buy-to-let landlords should ask themselves as rental demand rises
- Blog: The benefits of buy-to-let: Is BTL still worth it?
