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Key features:      

  • £150,000 raised from previous property and switched to buy-to-let
  • £645,000 mortgage agreed to fund new home
  • Residential and buy-to-let rates below 2% 

Our clients       

Our clients asked for help to arrange a mortgage to purchase a new home. They were keen to keep the existing property if they could as it was in a good area and would generate around £1,750 a month rent. The couple were both professionals working in financial services and living in London, they were also earning over £100,000. They had found a new property in Surrey to purchase with more outside space. 

How did we help?     

After establishing they had sufficient equity in their property to raise a deposit and enough income to raise £645,000 to fund the £800,000 property purchase, Trinity's broker approached two lenders offering competitively priced let-to-buy mortgages.

The first thing he did was to turn their existing home into a buy-to-let and raise around £150,000 deposit to put towards the onward purchase as part of a remortgage to another lender. This was possible because the home was worth £750,000 and there was lots of equity. The second job was to organise the mortgage for the onward purchase, and he secured a competitively priced five-year fix.  

Why was it difficult? 

Some of the lenders do not allow borrowers to do let-to-buy transactions, so you have to approach an appropriate bank or building society. Many of the buy-to-let providers have also tightened their stress tests making it harder to release enough cash to be used as the deposit. 

What was the buy-to-rate?       

A 1.79% rate fixed until 01/01/2023, and after the fixed period it reverted to the banks 4.54% standard variable rate. The overall cost for comparison is 4.3% APRC. The arrangement fee was £1,995, and early repayment charges applied. The mortgage had a 25-year term, and there was a free basic property valuation.   

What was the residential rate?       

A 1.98% rate fixed until 31/10/2025, and after the fixed period it reverted to the banks 3.59% standard variable rate. The overall cost for comparison is 3.1% APRC. The arrangement fee was £999, and early repayment charges applied. The mortgage had a 30-year term, and there was a free basic property valuation.   

Call Trinity Financial on 020 7016 0790 to secure a let-to-buy mortgage or book a consultation 

Get in Touch

Get in touch

To arrange a meeting with one of our expert mortgage advisers complete our enquiry form or mortgage questionnaire 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.

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