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by on 5th March 2021

Key in lock


Coreco Commercial was approached by a client who has a large existing property portfolio centralised in London and the South East, but were keen to add to it. They decided to purchase a property in need of minor refurbishment, which could be added to their existing rental portfolio.


The minor refurbishment required on the property was predominantly cosmetic and therefore it had been arranged that works were to be completed between exchange and completion.

However, the clients existing portfolio failed to meet most lenders portfolio affordability assessments. This was because the properties were located in areas of high capital value, but low rental yield.


Tom Matthews, an expert specialist adviser here at Coreco Commercial, knew that a case of this kind was going to require some in-depth product knowledge in order to present the case to a suitable lender. With extensive industry experience, he was able to explain the situation to a lender who accepted an exception due to the modest overall LTV. They settled on a Penalty Free Variable Buy-To-Let facility with Foundation Homeloans,  who in addition accepted No Search Indemnity Insurance to aide sale completion. This avoided a long delay due to the length of time local authority searches were taking in the area – as a result of this unique scenario, the lender subsequently chose to make this a universal policy decision.


Written by

Associate Director

After more than 4 years gaining experience in the administrative and compliance areas of the industry, Tom decided a career in advising and face to face client interaction best suited him. He moved on to a short spell with a City start-up firm before joining the ranks at Coreco in August 2011. He is now one of the top performing brokers at Coreco working with some of our leading introducer accounts as well as having a strong knowledge of the more Specialist side of the business. Tom also noticed a strong niche in the market and was instrumental in the setup of our Contractor division, specialising in all types of mortgages for Contractor professionals in the UK. Perhaps most noticeably, although he doesn’t like to mention it, in July 2013 Tom won the British Mortgage Award for the leading young broker in the industry, as recognised by his peers and clients for his dedication to a superior level of service. In July 2017 he went one step further and was named Best Overall Broker at the British Mortgage Awards. He is also on a winning streak, taking home ‘Adviser of the Year’ two years running at the annual Coreco awards. With a passion for football, shooting and gin, as well as being a snappy dresser, Tom lives in Alton, Hampshire, with his wife, baby boy Fred and Vizlsa Jameson.

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