Jeff, a self-employed taxi driver, needed to raise £30,000 on his buy to let property for legal fees for an ongoing legal case.
Jeff has been self-employed for a year and was unable to provide 2 years of certified accounts for a traditional re-mortgage. The rental income generated from his buy to let property was insufficient to support the existing buy to let mortgage and the additional loan.
We managed to secure the full £30,000 he needed to repay his legal fees by using his projected income, which his Accountant provided.
We secured a rate of 5.75% at 75% loan to value to assist our client with his requirements.
Loan amount: £30,000
Loan term: 10
Monthly payment: £370
Annual rate: 5.75%
1st charge mortgage balance: £268,000
Property value: £400,000
Loan to value: 75%