Recently, one of our highly experienced consultants, Chris Bland, was tasked by his client to assist with the refinance of a BTL portfolio of around £4m debt. The client is in their 80s so many lenders were unable to support because the term would exceed their 85th birthday.
Also, their existing lender was unable to provide a commercially viable fixed rate option ahead of the expiry of the existing facility. In these volatile times, the client was nervous about being exposed to further market movements so a fixed rate was a must.
Chris spoke with Monument Bank who immediately understood the client’s need and were prepared to take a view as the Loan to value was under 50% across three properties in a popular part of south west London.
The client also has significant wealth in the background and whose estate planning is in order. They offered a highly competitive fixed rate which will ultimately save the borrower over £100,000 net of all costs over the term of the mortgage when compared to their existing lenders offer.
On top of this, Monument also recognised the risk of delay awaiting Local Authority searches and accepted an indemnity policy to avoid unnecessary delay.
Chris said, “Monument have been a breath of fresh air and a pleasure to deal with, their bespoke approach and common sense underwriting has significantly improved our client’s position , they are understandably delighted”.
Conor McDermott said “The Monument Lending Team were delighted to be able to assist Affinity and their portfolio landlord client on this transaction. Chris expertly packaged the proposal and worked closely with the relationship team to structure a solution that met the client’s needs and deliver the refinance from valuation to completion within two weeks of receipt of the valuation report.”
At Affinity we offer way more than just mortgages and one of the things we do not shout loud enough about is Specialist Finance.
Specialist Finance covers a wide range of financial products including mortgages for high net worth individuals, commercial finance, development finance, bridging loans and Landlord portfolio finance and refinance.
If you think our Specialist Finance team could help you, please get in touch.
