Posted: 29/02/2016 / 14:34
Posted by: Donna Wells
We were approached by an Introducer whose client had converted a property he owned in Buckinghamshire into two flats.
The mortgage on the property was nearing the end of its term, and the broker tried re-financing with a BTL mortgage.
Although the client had split the property into two flats, both flats remained on the one title and could not, therefore, be considered as suitable security for the long-term lender.
We arranged a bridging facility which paid off the existing mortgage, thereby affording the client sufficient time to split the titles. This then enables the Introducer to re-finance the client onto a long term BTL facility