Remortgage of Buy To Let

The client sourced an off-market property through an estate agent. The seller wanted a reliable buyer and agreed to sell the property at a Below-Market-Value amount of £115,000. The property was on the main road but was much larger than neighbouring properties but the client identified an opportunity to add value. The client purchased and tenanted the property. We were approached to deal with the remortgage of the property after the initial 2-year term had come to an end. Some recent nearby comparables of similar sized properties were now available and we successfully received a mortgage valuation of £160,000. We arranged a 75% LTV mortgage against this valuation.