Rely has provided a £160,000 buy-to-let mortgage to a first-time landlord after another lender declined to finance the London property.

The £865,000 investment property is close to London Bridge and is expected to generate rental income of £2,000 a month.

The borrower required funding at 20% LTV on a two-year fixed rate, but the original lender rejected the application because of concerns over the property’s saleability.

The broker subsequently placed the case with Rely, the specialist buy-to-let lender owned by OSB Group.

DESKTOP VALUATION

Rely used a desktop valuation rather than requiring a physical inspection after determining that the property met its criteria for this approach.

The application progressed from submission to mortgage offer in six days.

Adrian Moloney (pictured), group lending distribution director at Rely, said: “This case demonstrates the importance of assessing each application on its individual circumstances.

“By taking a closer look at the property and using the tools available to us, we were able to provide a straightforward solution and deliver the speed the broker and customer needed.

“Combining responsive underwriting with a simple application journey helped us provide certainty at a crucial stage of the transaction.”

Darren Small, director at Eddge Mortgages, said: “The process was seamless from start to finish. As the property had already been declined elsewhere, speed was crucial.

“Rely took a common-sense approach and the application process was straightforward, with excellent communication throughout. The case moved quickly and the experience was exactly what you would hope for from a lending partner.”