Case Study: Changing to Buy-to-Let

Our client had been having a tough time recently due to her mother passing away. Despite owning the property she lived in, she needed to move back in with her father as he had health issues and needed additional care.

Through this situation, the client wanted to find a solution to keeping her property when she moved back in with her father. She was exploring the possibility of changing her mortgage to a buy-to-let but would need to borrow money for home improvements prior to renting out, plus she had some other debts to be repaid totalling around £70,000.

In addition the client wanted to add her husband to the current mortgage however he didn’t own a property which can often present a problem with lenders, as they would consider it a first time buyer on a buy-to-let. Lenders would also consider a high level of debt as an issue as they do not like high volumes compared to annual income.

Our solution

We needed to find a lender happy with the various issues and intricacies that this case presented. Through our knowledge of the market and lender relationships, we were able to find a lender prepared to agree to the loan including the home improvements and repayment of existing debt.

The result

Our solution in finding the right lender ensured that the client was able to improve her residence and convert it to buy-to-let, repay her debts, plus add her husband to the mortgage.

As an added bonus, this work has ensured that the couple’s monthly budget has improved by over £1,500.