A landlord stepped in to support his son in purchasing a home by releasing equity against one of his existing rental properties, having the finance provided in ten days after contacting Together.
The son had an offer accepted on his “dream house”, but risked the sale falling through unless he found £21,695 within 12 days – a down payment to secure the property.
His father, the landlord of a buy-to-let portfolio, approached a broker who referred the cast to specialist lender Together. The lender agreed to remortgage the rental property over a 25-year term at a 48 per cent loan-to-value and released the funds within ten days.
Commenting, Together business development manager Chris Duckworth said: “The clock was ticking. We worked closely with the broker to pull out all the stops, making sure the bank-of-dad was in a position to come to the rescue.
“This type of case demonstrates how we were able to work together with the broker to find an innovative solution and provide the best outcome possible for his client.”
UK Business Finance, the broker that referred the customer, founder Glyn Millsom said: “The landlord was under significant pressure to raise funds for his son to buy his first home, and a fast turnaround was essential.
“We brought the case to Together because of their reputation of being able to provide fast and flexible finance, which is absolutely crucial in these kind of situations.”
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