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Case details

Our client wanted to borrow money against his buy-to-let property to secure a deposit to buy another investment flat.

As his terraced property was split into three flats, there wasn’t a lease and he owned the freehold, he found it difficult to find a lender happy to offer him £750,000. 

He also needed a bank or building society willing to offer longer mortgage terms to older borrowers.

Solution:

One of Trinity’s expert buy-to-let brokers found a building society offering a low rate with a good product fee. They were also happy to lend to older borrowers.

They did not have an issue lending to freeholders providing their overall exposure to the block was low and the other leases were in place.

As the client owned a number of other buy-to-lets and received income through his investments, this was more than enough to meet the lenders minimum £25,000 income criteria.

Property: Maisonette over three floors in terraced property

Mortgage: £750,000 and property valued at £1.6 million

Rate: Fixed rate at 2.64% until 28/02/2017

APR: 4.4%

Lenders arrangement fee: £1,995 product fee

Mortgage term: 35 years

Repayment type: Mortgage taken on an interest-only basis

Loan-to-value: 46%

Reversion rate: Lender’s standard variable rate currently 4.49%

Early repayment charge: 5% of the loan amount until 28/02/2017 and 0.5% until 31/10/2016

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

If you would like help to secure a leading mortgage rate, call Trinity on 020 7016 0790.

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