Let-to-buy mortgage secured to help couple buy their 'dream home'
Trinity Financial recently helped a couple purchase their ‘dream home’ by securing a let-to-buy mortgage for them.
They had equity in their existing home and wanted to use it to generate the deposit to help them move up the property ladder.
After their initial conversation with our adviser, he said that we would be able to convert their existing property into a buy-to-let and secure an £850,000 mortgage for them to purchase their new home.
What did they do for a living?
The couple worked in the financial sector.
Did they have a complex situation?
They had a four-bedroom house that they had been living in for ten years.
As the property would not rent for enough money to secure a sufficiently large buy-to-let mortgage, we needed a buy-to-let lender that would use their salary plus the rent to squeeze out extra borrowing for them.
We withdrew extra cash from their current home to help them with the purchase of their new property.
Why did they need our help?
They were not entirely sure at the beginning about how to obtain the finance they wanted. They were also unsure that they would be able to get their 'dream home'.
They specifically wanted a two-year fixed for the let-to-buy so they can rent the property for now and sell it in the future when they feel ready.
They also wanted the simplicity of having a broker to help them submit both applications.
Did we struggle to find a lender?
No. Our primary focus was on securing a competitively priced rate, while also utilising top slicing for added affordability.
We had found a suitable lender for both applications. They had an exclusive broker rate for the purchase, which was the cheapest on the market at the time, and they would also offer 'top slicing' for the let-to-buy. Additionally, combining both applications with the same lender streamlines the mortgage process.
Was the mortgage on interest only?
The let-to-buy was on interest-only.
Let-to-buy mortgage of £415,000 and onward purchase mortgage for £850,000.
Was the rate particularly good?
The property purchase rate was the best on the market at the time, and let-to-buy was the 8th lender on our sourcing lists; however, the difference between the rates was minimal.
Where did they get your details from?
They found our details online and called us.
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.
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