We received an enquiry from an experienced property landlord, mainly working within the holiday let sector.  He was looking to expand and diversify his portfolio by purchasing a 4 bedroom cottage to be used as a standard buy-to-let on an AST basis.

The only ‘problem’ was that it was located on the beautiful island of Orkney which is out of criteria for many lenders.  This coupled with the applicant not owning his own home and an EPC rating of F resulted in us having to look at lenders with rates of around 4.99%.  Fortunately with the purchase in jeopardy, the client discussed the situation with the vendor and works were carried out to improve the energy efficiency of the property (resulting in an acceptable ‘E’ rating).

Following this is was all systems go, and we could review lender appetite again. This time we were able to source a product at the appealing rate of 1.7% fixed for 5 years.

With the vendor now looking for a speedy sale, the purchase completed 6 weeks from our initial AIP submission.