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Clear answers for all types of landlord

Clients of Steve Harris from Harris Financial Management were looking to finally buy their dream retirement home by the sea. Aldermore helped by releasing the value they had built in their property portfolio, to enable them to be cash buyers.

Case study at a glance: Any type of landlord:

  • Landlord aged over 70
  • Remortgage of two flats in the same property
  • Exposure concerns
  • Experienced Landlord
  • Re-saleability concerns

The difference with Steve’s clients compared to his regular client requests was that of their age. With over 20 years’ experience in the rental sector, Steve’s clients were now over the age of 70 and wanted to use the two flats they owned in the same block to buy their seaside dream. Knowing the market, Steve knew the mainstream lenders wouldn’t have the appetite to lend to his clients, taking his search towards a lender such as Aldermore.

A lender who understands the retiree landlord market

Steve says “I knew straight away that I would need to find a lender known for looking at the more unusual cases and one who takes into account all financial aspects of the application. This case was
a challenge as the client had a low income and is 72 years of age and they also wanted to keep hold of their property, but make the
most of its increased value.”

The client owned the property which held three flats, one of which they resided in. The property was situated next to a Doctors surgery and a parade of shops. Knowing the potential issues surrounding both the location of the property and the age of the client, Steve called Aldermore directly to discuss the case.

Expert input at every stage

Knowing the history of previous cases where Aldermore provided funding to landlords within retirement age, the BDM advised Steve that the case would be able to proceed based on the information provided. The secondary concern of exposure and location of both flats required more communication and understanding.

Aldermore’s BDM took the case to the underwriting team and discussed the merits of the case with them and explained the concerns over the location and the exposure. Having looked at the location, the underwriting team accepted the case but still had concerns over remortgaging two flats in one block. Steve and the BDM kept in close contact during the discussions about the case and one of the key elements of the process that Steve appreciated, and had experienced more than when working with other lenders, was the fact that he could contact the BDM directly providing consistency and continuity during the case application. 

The exposure issue was resolved quickly working with the underwriting team and the application was successfully completed within one month. 

See what our Bank can do for you…

If you would like to find out more about how Aldermore could help you achieve your property aspirations, you can read more by visiting www.aldermore.co.uk/buy-to-let or you can speak to one of our team of Buy to Let experts directly by calling 0333 321 1001.

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