Army officer's family home remortgaged onto a buy-to-let with capital raising for debt consolidation

Client profile

Our client worked in the Army and owned a property that had been held on a residential mortgage.

The challenge

The property had previously been occupied by a family member, while the client’s own accommodation was provided and paid for by the Army. Once that family member moved out, the client wanted to move the property onto a buy-to-let mortgage.

At the same time, they also wanted to raise additional funds to consolidate £50,000 of debt, adding another layer of complexity to the case.

Because the client wanted to complete quickly, it was important to find a lender that was comfortable with both the change in mortgage type and the debt consolidation.

How Trinity Financial helped

After the client found us through our website, we reviewed the case and identified lenders that were open to this type of application.

While some lenders were not comfortable with the criteria or the debt consolidation element, we were able to secure a suitable solution with BM Solutions, a lender well-suited to more specialist cases.

We arranged an interest-only buy-to-let mortgage, allowing the client to refinance the property on the correct basis while also raising the additional funds they needed.

The result

The mortgage was arranged on an interest-only buy-to-let basis at a rate of just below 4%.

This allowed the client to move the property onto a more appropriate mortgage product and consolidate £50,000 of debt as part of the remortgage.

Outcome for the client

• Property switched from a residential mortgage to a buy-to-let mortgage
• Interest-only mortgage arranged
• £50,000 raised for debt consolidation
• Mortgage secured with large bank
• Sub-4% rate achieved
• Case completed within the required timeframe 

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

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