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Key features:

  • Second-home residential remortgage with permission to let for up to 16 weeks per year
  • Interest-only mortgage up to 75% loan-to-value
  • Lower rate than existing lender offered

The client:

Our client worked as a senior manager for a large London-based property firm. He had a second home by the sea, and he wanted to remortgage to release some cash.

What was he looking for? 

He was looking for a lender to provide him with a more competitively priced five-year fixed rate than his existing lender was offering him and a £489,000 mortgage using his latest years annual bonus.

Why was it difficult?

Most lenders do not allow residential properties to be let out without specific permission to let. If they do allow this, it is generally not on short term contracts, and they charge an administration fee or increase the rate.

How did we help? 

Trinity’s broker contacted a selection of banks and building societies to ask them about their permission to let policies on a second home. One of the large banks came back and confirmed it was happy to let property for up to 16 weeks each year, providing it was not through Airbnb. They also provided fast mortgage offers and great rates.

What was the rate?

The fixed-rate was 1.79% from completion up to and including 31 March 2025. After 31 March 2025 the rate changes to the lender’s standard variable rate, currently 4.24%, for the remaining mortgage period. The APRC applicable is 3.3%, and there was a £999 arrangement fee.

Call Trinity Financial on 020 7016 0790 to secure a second home mortgage

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