Let-to-buy mortgage with no early repayment charges for investment banker moving in with partner

Trinity Financial's broker recently helped a client switch her property to a buy-to-let mortgage and release funds so she could raise a deposit for a new home with her partner. 

What did they do for a living? 

Investment Banker.

Did they have a complex situation?

Trinity’s broker arranged a let-to-buy mortgage on his client's house to release funds for a deposit on a new property. This is where a residential property is turned into a buy-to-let to raise funds and let out. 

She wanted the let-to-buy on a tracker rate basis, as she did not want any early repayment charges associated with the buy-to-let property, given the tax changes with Making Tax Digital and the Renters Reform Bill. It is very rare to get a fixed rate without exit fees.

Were they in a rush to complete? 

Yes, as her current home's mortgage rate was up for renewal, she wanted to avoid her lender's standard variable rate.

Why did they need our help?

She wants to sell the property in the not-too-distant future. Needed a product with buy-to-let capability and with no early repayment charges associated with it.

Did we struggle to find a lender?  

No, not really. The number of lenders offering let-to-buy mortgage options with no early repayment charges is fairly sparse.

Was the mortgage on interest-only or capital repayment?  

The let-to-buy mortgage was on interest-only to minimise the monthly costs.

Was the rate particularly good? 

The mortgage tracked the Bank of England base rate plus 0.69%, and it had a £995 arrangement fee. The product fitted exactly what the client needed, given their desire to sell.

How did they hear about Trinity Financial?  

Existing customer referral. 

Lending solutions with Trinity Financial

Are you looking to buy a property and require expert advice? We’re here to help you find a solution – no matter how complex your circumstances. Our expert brokers have extensive experience providing creative solutions to secure mortgages for our clients.

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

The information contained within was correct at the time of publication but is subject to change.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage