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First-time landlord with adverse credit purchases multi-unit via SPV

First-time landlord with adverse credit purchases multi-unit via SPV

We were approached by a broker whose client – an IT consultant from Blackpool was looking to purchase his first buy to let property. 

The property in question is a converted town house comprising of three flats all held on one title.

The client’s broker approached Keystone for the following reasons:

  1. The client is a first-time landlord
    Keystone accepts first-time landlords providing they already own their own home and take home at least £25k per annum

  2. The client was looking to borrow via an SPV Ltd Co
    Keystone offers the same pricing to both individuals and limited companies.

  3. The client has over £10,000 of satisfied defaults from 5 years ago
    Keystone will consider defaults on a case by case basis if settled at the time of application.

  4. The property is a multi-unit
    Keystone accepts multi-units up to 4 flats for first-time buyers for experienced landlords Keystone will accept up to 10 flats

Keystone deemed the client a good risk and offered a five year fixed rate on the following terms.


Property value: £130,000

Loan amount: £97,500

LTV: 75%

Rate: 4.19% 5 Year Fixed

Term: 20 years interest only

Borrower: SPV Limited Company

Lender arrangement fee: 2% (£1,950)

Rental income: £1,343 pcm

Mortgage payment: £340 pcm

Gross yield: 12.4% pa

Broker proc fee: 0.6% (£582)


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