Bank-of-dad comes to the rescue with a buy-to-let remortgage
A landlord stepped in to save his son’s dream home purchase by releasing equity against one of his own rental properties – with the finance provided in ten days.
The son had had an offer on his dream house accepted but risked the sale falling through unless he found £21,695 – within 12 days – as a down payment to secure the property.
His father, who owns a buy-to-let portfolio, approached a broker who brought the case to Together.
The specialist lender agreed to remortgage the rental property over a 25-year term and at 48 per cent loan-to-value (LTV) – releasing the funds within ten days – and allowing the customer’s son to fulfil his dream of home ownership.
Chris Duckworth, business development manager at Together, said: “The clock was ticking. We worked closely with the broker to pull out all the stops, making sure the bank-of-dad was in a position to come to the rescue.
“This type of case demonstrates how we were able to work together with the broker to find an innovative solution and provide the best outcome possible for his client.”
The borrower was a customer of specialist commercial broker UK Business Finance.
UK Business Finance founder Glyn Millsom, said: “The landlord was under significant pressure to raise funds for his son to buy his first home, and a fast turnaround was essential.
“We brought the case to Together because of their reputation of being able to provide fast and flexible finance, which is absolutely crucial in these kind of situations.”