Chiara & David Edwards
Looking to purchase another property in their area
Chiara and David have lived in their current home for over eight years and recently received an inheritance that they wanted to invest. An ideal opportunity came along when they discovered that a friend of theirs was moving from the area - his two bedroom flat would soon be on the market.
Located in the centre of town, and within walking distance of the train and bus stations, Chiara and David believed this would make an ideal Buy to Let investment property.
"We'd been thinking of investing in another property for a little while now, and this seemed like too good a chance to miss. We're friends with the current owner, so we know it's been well looked after and it's in an ideal location for young professionals. We'll have to do a little redecorating, but everything is in good working order, so we won't have much work to do before we can start renting the property out."
As Chiara and David had a sizeable deposit to put down on the flat, they were able to borrow less than 75% of the property value. They also wanted the security of fixed repayments to help with the initial years of uncertainty. We were able to offer them several fixed Buy to Let mortgages to choose from which gave them financial certainty and protection from increased interest rates.
Please note that the above case study is purely fictitious and for illustrative purposes only.