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Key features:

  • Short lease buy-to-let property purchase
  • Personal income used to increase loan size
  • 1.87% two-year fix

The client:

Our client was a lawyer working for a firm in London with a large salary and regular bonuses. She had found a buy-to-let property to purchase with 59 years remaining on the lease.

The vendor was willing to negotiate the price as the property had been on the market for six months and extend the lease on completion to 99 years.

What was she looking for?

As the property had a short lease many of the lenders were not willing to provide a mortgage, so she wanted a lender to give a competitive two-year fixed rate and let her put down a 25% deposit.

The property did not generate enough rent to provide a £560,000 mortgage, so our client required us to find her a bank willing to use her salary to increase the maximum loan size.

How did we help?

Trinity's broker contacted a large buy-to-let lender offering incredibly cheap two-year fixed rates. The application was submitted on the basis that the property would be initially valued a £0 or £750,000 once the lease is extended.

The bank was happy to use her income to enable her to borrow more money.

What was the rate?

We secured a mortgage on the property at 1.64% until 31 January 2022 - with a 4.5% APRC. There was a £999 arrangement fee and a free property valuation. The mortgage reverted onto the lenders 4.74% standard variable rate. The offer was produced within a week.

Call Trinity Financial on 020 7016 0790 to secure a short lease mortgage

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