Last minute limited company buy-to-let agreed for a couple who exchanged contracts without mortgage offer

Trinity Financial’s broker recently arranged a limited company mortgage for an older couple who had agreed to buy a property.

They were in their late seventies and had identified a flat in London to buy as an investment, but the process proved significantly more stressful than they had anticipated. After dealing with multiple brokers and failing to secure a mortgage offer, their solicitor exchanged contracts without a mortgage in place, putting them at risk of losing their deposit. 

What did they do for a living?  

They were retired with pension income and a deposit raised from their savings. 

Did they have a complex situation?

Yes. They had already exchanged on a property but were struggling to obtain a limited company buy-to-let mortgage due to their age and the property's EWS1 issues. They were concerned about losing their deposit.  

The client had spoken with and engaged three brokers prior to speaking with Trinity’s broker and had submitted multiple applications that were declined; all brokers indicated the client had "no chance" of getting a mortgage.

Were they in a rush to complete?  

Definitely. The vendor said they would rescind the contracts and resume viewings. They would only allow the applicant to try again with our broker or accept other offers as they come in.

Did we struggle to find a lender? 

Yes, our broker spoke to a few specialist lenders, and only one said they would accept the client and the property, but it would ultimately come down to the property valuer and whether they considered the property suitable for mortgage security.

Thankfully, the valuer approved the property, and this meant the limited company buy-to-let mortgage was agreed, which came as significant relief to our clients. 

Was the mortgage on interest-only or capital repayment? 

The mortgage was taken on an interest-only basis to minimise the monthly payments.

Was the rate particularly good? 

It was not the most competitive rate in the market at just under 5.4%. Although our clients had very few options after applying to a host of buy-to-let lenders. 

Where did they get our details from?

It was a referral from Winkworth estate agents.

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 limited company buy-to-let mortgage book a consultation or use our appointment calendar

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