Two mortgages totalling £2 million for restaurateur showing loses on accounts after closing for refurbishment
Trinity Financial recently helped our clients to secure a let-to-buy mortgage where they turned their existing home into a buy-to-let while releasing funds to put towards the purchase on a new build property.
What did they do for a living?
Restaurant owner but they had been closed for a refurbishment for seven months, so profits were significantly down.
They had found a new build house to buy with a short timescale initially and wanted two mortgages totally £2 million. They were concerned it would not be possible to raise so much money.
Why did they need Trinity's help?
They had been to other brokers who were unable to secure a let-to-buy on an unencumbered property as well as a mortgage for the new build purchase.
Trinity’s broker found a large building society that ignored the loss from 2024 and used an average of 2025 and 2023 to secure the deal. He also found lender to remortgage the old home to release cash and turn it into a buy-to-let.
Did we struggle to find a lender?
It was tricky getting this agreed due to the size of the loan as well as the business having a loss in the previous year.
Was the mortgage on interest only or capital repayment?
Interest-only on both mortgages. The let-to-buy mortgage was £500,000 and the new building mortgage was £1.5 million.
Was the rate particularly good?
The buy-to-let mortgage and new building purchase mortgage were price just over 4%.
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The information contained within was correct at the time of publication but is subject to change.
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