A Limited Company, Portfolio Landlord have approximately 13 properties each with mortgages in situ with a lender in a single loan facility covering the entire portfolio. The client is looking to sell 2 properties and so has taken the opportunity to explore a rate switch with the current lender and at the same time gauge the competitiveness of any new facility available in the marketplace.
The single loan facility is not commonplace in the market and so the opportunity to prise the portfolio away from its current lender is restricted by this fact. The lender informed the client to conduct some research and come back to them with what had been found. The client decided to engage a CDMB adviser who set about the task of researching the market.
There are only a few players in this marketplace and each of the lenders researched were all very different in their USP’s and had their own qualities - be it the rate or the differences in administration. After extensive research, our CDMB adviser was able to place the case on the same basis - a single loan facility, but at a much keener rate and competitive fees culminating in the client saving a considerable £1,154.39pm and £13,852.68pa. The lender also offered a refund of valuation fees of up to £640 and a £300 cashback which helped towards the cost of fees for the legal work.
This culminated in the client appreciating the need for engaging an adviser as they could not have found the lender otherwise as they are intermediary channel only.