It’s not just about the rate?

We were recently approached by a new client who had obtained a decent 5-year fix quote from another broker for their limited company BTL. There was nothing wrong with the product but after talking to the client they wanted the following:

  • The ability to reduce the mortgage each year by overpayments
  • A lender that did product transfers, as they wanted the option to keep the costs down on expiry of the rate
  • Their grown-up children were down as shareholders but did not want to go on the mortgage application

The product that had been quoted offered none of these features so always be aware of what you need rather than the rate.

Searchlight Finance Limited is registered in England and Wales No.07929050 Searchlight Finance Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (http://www.fca.org.uk/register) under reference 743220. The FCA do not regulate Business Buy to Let Mortgages or most Commercial Mortgages and Bridging Finance. ICO Number Z3109319. Your property may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.

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