skip to main content

Request a call back

Leave your contact details and one of our expert advisers will call you back shortly.

You can also complete our mortgage questionnaire for a more accurate initial response.

Please note, by submitting this information you have given your agreement to receive verbal contact from us to discuss your mortgage requirements.

Menu

Trinity’s clients initially called to find out if it would be possible to keep their existing home and release some of its equity to fund the purchase of a new family house. This is known as a let-to-buy mortgage.

As one of the applicants was a limited company director and his partner was employed, they needed a lender to look at their overall financial situation. They had already found a new property to buy and were keen to secure a new residential mortgage.

Trinity’s broker assessed the market and found a lender happy to provide a buy-to-let mortgage on the existing home based on the rental income it generated. 

As the salary and dividends were not quite enough to secure a large enough new residential mortgage, Trinity’s broker approached a lender who would use the retained profits in the business and it boosted the maximum loan size. This was in addition to the partners PAYE income.

Case details for the residential purchase

Property type: House in London

Value: £950,000

Mortgage: £760,000

Rate: Two-year tracker at 1.39% - 0.89% above Bank of England base rate

Reversion rate: The bank’s standard variable rate, currently 3.94%.

The overall cost for comparison is 3.62% APRC representative.

Lender’s arrangement fee: £900

Mortgage term: 30 years

Repayment type: Full capital repayment

Loan-to-value: 79%

Early repayment charge: No early repayment charges

Overpayments: Unlimited overpayments

Representative example: A mortgage of £760,000 payable over 30 years, initially on a tracker rate for two years and then on a variable rate of 3.94% for the remaining 27 years, would require 24 monthly repayments of £2,582 followed by 336 monthly repayments of £3,534.14. The total amount repayable would be £1,249,886 made up of the loan amount, plus interest (£488,568) and fees of £900. The overall cost for comparison is 3.62% 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 retained profits mortgage for limited company directors

Get in Touch

Get in touch

To arrange a meeting with one of our expert mortgage advisers complete our enquiry form and we will call you back. Please note, by submitting this information you have given your agreement to receive verbal contact from us to discuss your mortgage requirements.

Need some advice today?

Book a Consultation Mortgage Questionnaire