Remortgaging can be a tricky process, especially when you have an adverse credit history.
For our 51-year-old business owner in Basingstoke, Hampshire, turning dreams into reality seemed a bit daunting. But that’s where Kerr & Watson came in. We recently rolled up our sleeves and helped our customer overcome these challenges, leading the way to a successful buy to let remortgage.
The Challenge
Our customer, a self-employed business owner, had a clear objective in mind: he wanted to capital raise on his existing buy to let property, a 3-bedroom end of terraced house, currently valued at £400,000, to finance the purchase of another buy to let property. However, he faced a few significant challenges:
- A minor adverse credit history due to late payments.
- Desire to maximise the loan amount, despite concerns about rental amount and affordability.
- Needing to secure a significant loan amount of 75% (£300,000)
Our Expert Solution
Recognising the challenges our customer faced, we worked on providing the solution to his unique circumstances:
- Specialist Lender: We worked with one of our specialist lenders who understand the implications of his minor adverse credit and could see beyond the blip in our customer’s financial history.
- Maximised Loan Potential: With our vast experience and expertise, we identified the lender that could also offer the maximum loan possible, ensuring our customer’s needs were met.
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Success and Feedback
Thanks to our approach, we secured the right remortgage product for our customer, putting him on the path to securing his next buy to let property. Reflecting on his experience with us, our customer praised Kerr & Watson’s communication throughout the process.
Conclusion
Our commitment to understanding each customer’s unique situation shines through in cases like these. Despite challenges like minor adverse credit and concerns about maximising the loan amount, we crafted a solution that met our customer’s objectives. It’s not just about securing a remortgage; it’s about making dreams come true, and now this customer can expand their buy to let portfolio.
Facing challenges with your buy to let mortgage? Don’t navigate them alone. Let Kerr & Watson guide you through.
Get in touch with us today.
