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Our client asked for help to secure another buy-to-let mortgage a month before his fixed rate expired.

After checking to find out the rate the bank would offer him to stay, he contacted Trinity Financial as he was not happy with the terms. 

As the rental income generated by the property was no longer enough to obtain a £750,000 mortgage, he needed a lender to accept his personal income to guarantee the loan.

Solution

Many of the banks and building societies are offering attractive new rates to tempt in buy-to-let landlords, but the rates are not as good for existing customers.

Trinity Financial’s broker secured a fast remortgage offer and saved the client 0.9% on his two-year fixed rate by remortgaging them to a large high-street bank.

As the rental income generated was not sufficient to cover the £750,000 mortgage, the lender used his personal income to top-up the rental income shortfall.

Case details

Property: Buy-to-let house in London

Value: £1,100,000

Mortgage: £750,000

Rate: 2.19% fixed until 30 April 2019

Reversion rate: 4.74% - 0.25% over the 4.49% BBBR

The overall cost for comparison is 4.50% APRC representative.

Lender’s arrangement fee: £1,990

Mortgage term: 25-years

Repayment type: Interest-only

Loan-to-value: 68%

Early repayment charge: 3% until 30 April 2019

Overpayments: Up to 10% per annum without charge.

Representative example: A mortgage of £750,000 payable over 25 years, initially on a fixed rate for 26 months at 2.19% and then on a variable rate of 4.74% for the remaining 23 years, would require 26 monthly repayments of £1,372.38 followed by 274 monthly repayments of £2,970.36. The total amount repayable would be £1,601,880 made up of the loan amount, plus interest (£849,560) and fees of £1,990. The overall cost for comparison is 4.50% APRC representative.

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

To secure a large buy-to-let mortgage call Trinity Financial on 020 7016 0790.

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