We were approached as the broker’s customer wanted to buy a property at auction which she would then rent out. She’d already applied for a buy-to-let mortgage with a high street bank, but as the property she’d seen needed work carrying out before a tenant would be able to live there, she’d been declined. This was because the surveyor, gave it a zero value and deemed it not suitable for letting. The customer was concerned as she’d already put a deposit down on the property, which she was at risk of losing as the auction had a set completion date, which was quickly approaching.
We reviewed the case and decided a buy-to-let bridging loan would be the most suitable solution for this customer. This would allow her to purchase the property, carry out the necessary works to make it lettable and then exit the bridge on a buy-to-let remortgage.
UTB was happy to offer a bridging loan with a 12-month term and rate of 0.69% on the property, which enabled the customer to complete within the auction deadline.
“This is great example of the value of having access to so many products. In this instance it enabled us to help this lady secure her rental property with a bridging loan which was fully suited to her circumstances.
“If we hadn’t been approached, this customer could have lost out on the property and her deposit, so our market and product knowledge was fundamental in securing this loan with UTB.
“Bridging loans can provide customers with speedy finance and we were pleased to secure finance for this lady who was able to complete her purchase within the auction’s deadline, make much-needed improvements to the property and advertise it for rent.”