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100% +
Buy To Let Mortgage
- Rates from 1.24% over base and no
penalties
- Available to limited companies and
individuals
"At last a new and
innovative mortgage product that allows you to purchase and refurbish a
property, where the lending is based on VALUE rather tha purchase
price."
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TYPICAL EXAMPLE
Mr Smith purchases a new investment
property for £100,000 which requires light refurbishment and general
redecoration. Upon completion of the works the enhanced value of the
property is estimated at £140,000.
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SCENARIO
£100,000 purchase price
£10,000 estimated cost of improved bathroom, kitchen and
redecoration
£140,000 estimated value after
completion of works
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FACILITY
| Offer
letter is for 80% of £140,000* |
£112,000 |
| Initial
drawndown is 80% of purchase price |
£80,000 |
| Final
drawdown after works completed |
£32,000 |
| Total
lend |
£112,000** |
| Purchase
Price |
£100,000 |
| Loan to
purchase price |
112% |
* Subject to the lender's surveyor
confirming a market value after completion of the works.
** Subject to the rental income meeting the lender's required rental
multiple and the lender reserves the right to impose a full retention if
the property is not lettable in its present condition
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The Mortgage Exchange (London)
Ltd
86 Glenthorne Road
Hammersmith, London W6 0LP
TEL: 0870 850 7575 FAX: 0870 850 7576
* Your home may be repossessed if
you do not keep up payments on your mortgage.
* The Mortgage Exchange (London) Ltd is authorised and regulated by the
Financial Services Authority
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