Our clients called in looking to remortgage their holiday let property as their current deal was due to end within the next five months. They were naturally concerned about the prospects of reverting to the existing lender’s standard variable rate due to impact this higher rate would have on their monthly payments.
Due to changes in the mortgage market, rates were rising quickly, and a by-product of this was stricter rental stress tests being imposed by lenders, so the clients were concerned they may not be able to get a new deal. In addition to this, the clients sole income was via private pensions, coupled with they wanted to raise additional funds for the purpose of home improvements, so navigating towards a lender that could consider all aspects of the case was the objective.
With our comprehensive knowledge of the market, we were able to secure a new deal from a lender that are perfectly situated within the holiday let lending market, and did so just hours before rates were set to rise. The clients could raise the additional funds required and were overjoyed were the mortgage successfully completed just before their existing deal
converted to the higher rate.