There were several details that made this case interesting. Carol had already failed a credit score with two high street banks, with no easily identifiable reason why on her credit record.
In order to release enough equity to put down a deposit on her new home, and have additional funds to buy Lee’s share of the house, she needed an 80% LTV mortgage.
However, many let to buy lenders restrict capital raising for use as the deposit on the ongoing residential purchase.
Not only did she need a lender that would allow capital raising for other purposes, but also one that would lend to a first-time landlord.
For her residential purchase, as the term took her beyond her state retirement age, she needed a lender that would consider her employment income beyond her state retirement age, as well as her pension income.
In addition, she wanted one lender that was able to offer the let to buy remortgage and the ongoing residential purchase.