£850,000 remortgage to generate deposit for new buy-to-let purchase
Case details:
Our client wanted to refinance his home in order to generate a large deposit to put towards the purchase of a buy-to-let property.
As his home in London had increased in value over the last few years, he spotted an opportunity to use equity to purchase another property.
Solution:
We approached a mortgage lender offering impressive large loan rates, that also paid for the property valuation and legal costs in order to keep the cost of switching banks and raising cash to a minimum.
Once the remortgage funds were in place, the client was able to complete the legal work and buy his new investment property while benefiting from the low rate on his main home.
Property: £1,300,000 in London
Rate: Two-year fixed rate at 1.89% until 31/12/2016
APR: 3.7%
Loan amount: £850,000
Lenders arrangement fee: £1,999 added to the loan amount
Mortgage term: 25 years
Repayment type: Capital repayment
Loan-to-value: 65%
Reversion rate: 3.49% over the BBBR, currently 3.99%
Early repayment charge: 3% until 31/12/2016
The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.
If you would like help to secure a mortgage to purchase a property, call Trinity on 020 7016 0790. You can also email: enquiries@trinityfinancialgroup.co.uk
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