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Case details:

Our client was keen to get on the property ladder and purchase an investment property.

Buying a residential property in an area he would like to live in would have been difficult and require a large income stretch. 

So, he opted to buy an investment property in a nice area of London. This enabled him to get a better return on his savings and benefit from future house price rises.

Solution:

Most lenders do not offer first-time buyer buy-to-let mortgages, so we had to approach one of the banks still operating in this market.

We submitted the application to a bank willing to look both salary and rental income generated from the property for affordability purposes. This enabled him to secure a large enough mortgage. 

Property: Property in north London

Rate: 3.59% fixed until 30/09/2016

APR: 5.30%

Loan amount:  £435,000

Lenders arrangement fee: £1,999 added to the loan amount

Mortgage term: 25 years

Repayment type: Interest-only

Loan-to-value:  70%

Reversion rate:  5.35%

Early repayment charge:  3% until 30/09/2015 and 2% until 30/09/2016

The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration. 

If you would like help to secure a mortgage to purchase a property, call Trinity on 020 7016 0790. You can also email: enquiries@trinityfinancialgroup.co.uk

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