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.