ChaseBlue Loans and Together have completed a £785K second charge buy-to-let mortgage in a complex deal which was completed within less than a week.
The client, discount a business owner and landlord, wanted to use two of the properties in his portfolio to secure a second charge interest-only loan for £785k, to complete another purchase.
The packager turned to Together for a specialist service, knowing that the lender offered the relevant products and would act quickly, since time was of the essence to save the customer from missing out on the acquisition.
Nick Jones, national sales manager at Together, said:
“Together was one of the first lenders to offer second charge buy-to-let mortgages, which prove popular with investors with larger portfolios as they continue to expand, typically providing funds for either additional purchases, or renovation of existing properties to improve rental yield.
“We have a longstanding relationship with ChaseBlue Loans and, as leading second-charge packager, they understand our criteria and are adept at knowing which cases to refer, ensuring they are well-packaged so that we can give a quick decision. In this case, the client needed an interest-only second charge loan and knew that we would apply our usual common sense approach when reviewing the application.
“We offer a wide range of products for buy-to-let investors, and are continually improving and expanding our offering to ensure we can meet the demand from our brokers, and support property investors as they grow their portfolios.”
Ben Gillespie, managing director at ChaseBlue Loans, said:
“The speed of completion on this deal highlights the efficient partnership, with all involved working together to ensure the best outcome for the customer. Given that there were two properties used as security, there were some complexities, but we were able to complete within a week, ensuring the client could proceed with his additional purchase, further enhancing the value of his property portfolio.”
Together offers a wide range of products including residential, commercial and buy-to-let mortgages, short-term finance, auction finance and secured loans. The group announced record results in September, with new lending across the group up nearly 40% on the previous year.