Specialist lender Rely has provided a buy-to-let loan to a first-time landlord buying a London investment property after another lender declined the case.
The landlord was purchasing a property valued at £865,000 and needed £160,000 on a two-year fixed rate, a 20% loan-to-value. Projected rental income stood at £2,000 per month.
The previous lender raised concerns about saleability and declined the buy-to-let application, despite the property's location close to London Bridge. The broker was surprised by the decision, given the low loan-to-value requested and where the property sits.
Rely assessed the property through a desktop valuation, which removed the need for a physical inspection and let the application progress quickly. The property met the criteria for that approach. The case moved from submission to offer in six days.
"This case demonstrates the importance of assessing each application on its individual circumstances," said Adrian Moloney, group lending distribution director at Rely (pictured).
"By taking a closer look at the property and using the tools available to us, we were able to provide a straightforward solution and deliver the speed the broker and customer needed. Combining responsive underwriting with a simple application journey helped us provide certainty at a crucial stage of the transaction."
"The process was seamless from start to finish," noted Darren Small, director at Eddge Mortgages.
"As the property had already been declined elsewhere, speed was crucial. Rely took a common-sense approach, and the application process was straightforward, with excellent communication throughout. The case moved quickly and the experience was exactly what you would hope for from a lending partner."
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