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Case details

Our clients owns a property in Ladbroke Grove without a mortgage.

As the property has increased in value so significantly, they decided to release some of the equity and purchase more investment properties.

They were keen to ensure finance was agreed up front, so they did not need to apply for separate mortgages and could pay in cash.

They also wanted to lock into a competitively priced five-year fixed rate.

Solution:

As the unencumbered property was worth £2.5 million and the lender offered mortgages up to 75% loan-to-value - there was a lot of equity to release.

Trinity's adviser approached one of the challenger banks providing larger mortgage loans and leading rates. This particular lender offered selected landlords pre-agreed facilities to provide them with cash lump sums.

Prior to releasing any funds, the bank asks for details about properties being purchased, although the funds can be released very quickly.

Source: Via Google search

Property: Three bedroom house in Ladbroke Grove

Value: £2,500,000

Mortgage: £1,500,000

Rate: 3.89 five-year fix

The overall cost for comparison 4.4% APR

Reversion rate: Standard variable rate currently 4.50%

Lenders arrangement fee: 0.5% of the loan amount

Mortgage term: 25 years

Repayment type: Interest-only

Loan-to-value: 75%

Overpayments: Up to 10% of the outstanding balance per year without charge.

Early repayment charge:  5% of the outstanding loan if the mortgage is repaid within 1 year. Then 4% between years 1 to 2. Then, 3% between year 2 to 3. Then,  2% between years 3 to 4 years. Finally, 1% within years 4 to 5.

Drawdown facility: Agreement to release funds with clients find properties to enable them to buy for cash. Subject to prior approval.

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

If you would like help to remortgage a buy-to-let property, call Trinity on 020 7016 0790.

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