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Trinity Financial recently secured a second home mortgage for a client enabling him to live in his house while completing the refurbishment works on a new property.

He knew that mortgage lenders do not like borrowers to live in a property when it has been converted to a buy-to-let, but he needed to refinance to raise the money to purchase his new home.

Solution

Rather than arranging a standard buy-to-let mortgage, Trinity’s broker arranged a second residential mortgage enabling our client to live in both properties at the same time. This gave him the time and money to complete the work.

To keep the monthly payments to a minimum, we arranged the mortgage on an interest-only basis and secured a product without any early repayment charges.

Once the renovation competed, and his existing home was ready to be let, we arranged a remortgage to switch the property onto a cheap buy-to-let fixed rate.

Case details

Property type: Four-bedroom house

Value: £1,000,000

Mortgage: £500,000

Rate: 1.44% for 24 months

Reversion rate: The bank’s standard variable rate, currently 4.24%

The overall cost for comparison is 4% APRC representative.

Lender’s arrangement fee: £999

Mortgage term: 23 years

Repayment type: Full capital repayment

Loan-to-value: 60%

Early repayment charge: No early repayment charges

Overpayments: Unlimited

Representative example: A mortgage of £500,000 payable over 23 years, initially on a 1.44% Bank of England for two years and then on a variable rate of 4.24% for the remaining years, would require 24 monthly repayments of £601.20 followed by 252 monthly payments of £1,770.20. The total amount repayable would be £961,633 made up of the loan amount plus interest £460,518 and £999 arrangement fee. The overall cost for comparison is 4% APRC representative.

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

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

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