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Deal of the Week – 6 flats on 1 title remortgage to 75% LTV

Challenge 3mc – Your specialist intermediary mortgage desk

Each week we will provide a worked example for a case from the previous week detailing the information provided by the intermediary for a specialist deal along with the end result.

In this example the 3mc mortgage desk took an enquiry from an intermediary based in Cheshire. The client was remortgaging 6 flats on 1 title in Bristol with a value of £1,295,000 and a monthly rental of £4,350. The client required an advance of £971,250 to clear development finance with the remaining funds being used for their next project.

Following extensive research including using the compare criteria from the 3mc website the deal was placed with Landbay. The product was a packager exclusive 5 year fixed rate product with a pay rate of 3.79% with a lenders completion fee of 1.75%.

13 residential lenders available – Self employed accounts for 1 year 

Our specialist lenders assess self employed income via different methods with 13 lenders from our residential panel considering clients with accounts for 1 year. Each lender will accept different sources of income from within the accounts before arriving at the allowable income for affordability. The different sources of income can include :-

  • Directors pension contributions
  • Operating profits
  • Retained net profits
  • Use of home as an office

The self employed section within compare criteria under each residential lender details the acceptable sources of income and also enables you to source which specialist lenders consider your 1 year self employed clients.

Compare criteria enables you to source all 3mc lenders within 3 Easy Steps. Once you compare 2 or more lenders you can then email yourself the results to assist with your compliance.

For further information visit the 3mc website or call the specialist mortgage desk on 0161 962 7800.