Large Buy-to-Let Mortgage for 19 Flats

10th May 2022

Michael Frimpong

Large Buy-to-Let Mortgage for 19 Flats
Michael Frimpong

Michael Frimpong

Key Facts: 

  • Client: British National & Resident
  • Property type: 19 flats in the same building - each flat has a leasehold 
  • Property Value: £4,423,000
  • Loan Amount: £3,342,000
  • LTV: 75% 
  • Rate: Starting rate 2.83% 5-year fixed and up to 4.99% 3-year fixed

It is vital that you find the right vehicle through which to undertake your investment journey and utilise existing assets to the full. Often, this means bespoke finance will be better suited to your needs than an off the shelf package.

In this case, we were approach by a client who had built 19 flats with development finance, which they were planning to rent out. To maximise the valuation of the building, they had created long leases for each of the flats. The ownership of each of the flats was a subsidiary Ltd company of the freehold company which had developed the flats.

This case proved to be complex due to the client's portfolio size of over 40 properties, which significantly limited the number of lenders we could approach. Moreover, due to Covid, the client's development completion was delayed and they had to take three extensions (with fees and interest) from their existing develepment finance lender. Finally, the client had some negative media online regarding the letting of another property he owned, which limited the potential lenders even more. 

With access to more than 500 lenders, Enness has the contacts and experience to help you secure the optimum buy-to-let finance structure and negotiate the very best lending rates and terms available. In this instance, we secured a 75% loan to value mortgage, which is not readily available for new build properties. 

As this case illustrates, there is no one-size-fits-all when it comes to million-pound-plus buy-to-let mortgages. You’ll find that personalised finance packages are most advantageous, and you’ll want to benefit from a solution that’s tailored to your income, assets and overall circumstances. Enness has access to all the specialist buy-to-let lenders on the market. They cater to everything from very complex transactions to expat buy-to-let mortgages.

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