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The Mortgage Exchange (London) Ltd
86 Glenthorne Road
Hammersmith, 
London W6 0LP
enquiry@
4mortgageadvice.co.uk
0870 850 7575
0870 850 7576

The FSA Register

 

 

 

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."

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.

SCENARIO

£100,000   purchase price
£10,000 estimated cost of improved bathroom, kitchen and redecoration

£140,000 estimated value after completion of works

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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Current value of property:

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Mortgages

Buy To Let
Remortgages Business Finance
Council (Right To Buy) Home Owner Loans
Home Owner Loans Adverse Credit
Offshore Mortgages Commercial Mortgages

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