Very Speedy Remortgage to Release Funds


I recently arranged a remortgage to release funds for a buy to let purchase for a client – and from start to finish, the process took less than a month.

My client in this instance had used Enness before, and got in touch with us because he needed the same high quality, efficient service again. He was a property developer who owned two large residential properties, both in London.

He had spent a considerable amount of money renovating one of them, which was now valued at £1.2m. He was now looking to remortgage to release funds in order to purchase a third property, which he intended to use as a buy to let.

His vocation had caused problems for him in the past with regards to securing a mortgage. Some lenders shy away from issuing loans when the prospective borrower is a developer, because they are perceived to be higher risk; there is always a small chance the property will suffer rather than benefit from their refurbishments.

Nevertheless, we secured an offer for him through a lender with whom we had a strong relationship. About halfway through the process, however, my client decided he wanted to increase the loan from £470,000 to £600,000.

We reverted to the bank and after a renegotiation all parties were happy to proceed under the new terms of the loan.

Speed was of the essence in this case as he had a property in mind, and didn’t want to lose it if the funds were delayed for some reason. I was therefore conscious that I needed to push hard in order to have the loan signed off in time for my client to complete on his new purchase.

I kept in close, daily contact with both the lender and solicitor to make sure the application progressed as fast as possible.


From the client getting in touch with Enness to completion, the whole process took under a month. I secured the loan for him at the fantastic rate of 1.99% and my client was delighted – so much so that when he comes around to refinancing his £3m residence in a few years, he will use Enness again.

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