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Case details

Our client was keen to purchase a large property valued at £2 million and secure it using as smaller deposit as possible.

As a professional landlady she has a number of properties and lots of experience in the buy-to-let market.

Like many expensive buy-to-let homes in London, the rental income generated by the property was not as much as many of the lenders expect.

Solution

Trinity approached a specialist buy-to-let lender offering £1 million plus buy-to-let mortgages to clients with a 20% deposit.

As the lender offers a different buy-to-let rental calculation if you lock into one of their five year fixes, they applied a rental calculation of 110% at the pay rate rather than 125% at the pay rate. This meant they would offer a large buy-to-let let loan.

Also, as our client had more than three properties in her property portfolio the lender was happy to offer her a large enough buy-to-let mortgage.

Property: Five-bedroom house in central London

Value: £2 million

Mortgage: £1.6 million

Rate: Fixed rate at 4.79% for 60 months

APR: 6.3%

Lenders arrangement fee: £32,000 (2% of the loan amount)

Mortgage term: 25 years

Repayment type: Mortgage taken on an interest-only basis

Loan-to-value: 80%

Reversion rate: The lenders standard variable rate, currently 4.84%

Early repayment charge: 4% of the loan amount for 12 months, and then 3% of the loan amount for 48 months.

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

If you would like help to secure a large low deposit buy-to-let mortgage, call Trinity on 020 7016 0790.

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