Summary: College friends with no buy to let experience looking to purchase their first rental property. The property in question is a five-bed terraced house in Newcastle, which will be let to housing association tenants.
One applicant is self-employed living in Dubai, the other is an unemployed student living in the UK – this applicant owns their own home outright.
The applicants do not earn the £25k pa minimum required by most lenders.
✔ No minimum income requirement
✔ Housing association tenants accepted
✔ Expats accepted via an SPV limited companies
✔ Same pricing offered to individuals, SPVs and trading limited companies
✔ First-time landlords accepted
Broker proc fee: £1,540 (0.7% of loan amount)
Property value: £343,000
Loan amount: £220,000
Rate: 3.39 % 2 Year Fixed
Term: 25 years interest only
Lender arrangement fee: 2% (£4,400)
RTI calculation: 125% @ 5.5%