Specialist lender Rely has approved a £160,000 buy-to-let mortgage for a first-time landlord acquiring a London property after another lender declined the application.
The loan supports the purchase of an £865,000 home near London Bridge. It equates to a 20% loan-to-value ratio, leaving the buyer to fund the substantial majority of the acquisition price through equity or other capital.
The property is expected to generate monthly rental income of £2,000. The case highlights the role specialist lenders can play for borrowers whose circumstances or transaction structure do not meet another lender's criteria.
Details of the completed lending case were reported by Property Wire. No further information was disclosed on the reason for the earlier rejection or the mortgage terms.
