Location: Tetbury, Cotswolds
Loan Amount: £550,000
Finance Category: Residential Mortgage
Fox Davidson were contacted by a property developer in the Cotswolds who had built four houses in Tetbury.
He had sold two and had decided to retain two with a view to renting them out and needed a buy-to-let finance.
The client was a first-time landlord and both properties were listed on the market with an estate agent for sale.
Our client was looking for a mortgage broker in Tetbury or in the Cotswolds, and with offices in Bristol and Bath, we secure a lot of mortgages in the Cotswolds and were able to help the client.
Soon after the client reached out to us, we went to see the properties and the client in person. This was important as we needed to be confident ourselves that the properties were likely to be successfully rented.
Many lenders have seen developers reaching practical completion and looking at cheap long-term finance but actually still trying to sell the property.
We had to convince the lender this was not the case here.
We did so by evidencing an AST agreement and evidence of one months’ rent on deposit.
As the client was a first-time landlord and the property was owned by a trading company, we worked with a challenger bank that would accept this type of application.
Fox Davidson is a leading Cotswolds mortgage broker. To discuss second home mortgages in the Cotswolds as well as buy-to-let and property development finance in the Cotswolds, please call 01179 897950 or email email@example.com.
Director & Property Finance Consultant
About: Wesley has been in the industry for 20 years and has a wealth of knowledge in all areas of property finance. His real passion is working with property developers on the funding of development sites. His work ethos is to constantly gain more knowledge in order to better himself and offer more to clients and to be contactable at all times, this sets him apart from his peers.
Favourite Film: Last of the Mohicans
Quote: “In complete darkness we are all the same, it is only our knowledge and wisdom that separates us. Don’t let your eyes deceive you.” – Fat Controller