£1.5 million buy-to-let mortgage for city barrister with unencumbered property
Trinity Financial recently arranged a £1.5 million buy-to-let mortgage for a city barrister with an unencumbered property.
Our client wanted to remortgage his prime Central London flat to pay back a business contact after purchasing the property for cash and completing substantial refurbishment works.
Case details and solution
Many of the banks and building societies offer buy-to-let mortgages, but they tend to cap their maximum loan size of £1 million. This can make it particularly hard for borrowers to raise funds.
Trinity has access to one particular lender offering large buy-to-let mortgage loans at competitive rates.
Property: Three-bedroom flat in Central London valued at approximately £2,250,000.
Mortgage rate and loan amount: Approximately £1,500,000 taken on a five-year fixed rate at 4.19% over a five-year term.
Lender's arrangement fee: Just over £7,000 and added to the loan amount.
APR: The overall cost for comparison is 4.3%.
Repayment type: Interest-only mortgage.
Loan-to-value: Approximately 65% of the property value.
Early repayment charges: 5% of the loan amount for year one, then decreasing per year, 4% 3% 2% 1%. This mortgage has the facility to make 10% overpayments each year to allow clients to reduce the loan if they receive any bonuses. Capital reductions will help to ensure the mortgage is repaid more quickly.
The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.
Trinity can help: If you are looking for a large buy-to-let mortgage, call us on 020 7016 0790. You can also email: enquiries@trinityfinancialgroup.co.uk
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