London estate agency directors secure £400,000 Day One limited company buy-to-let remortgage

London estate agency directors secure Day One limited company buy-to-let remortgage

Trinity Financial arranged a £400,000 limited company buy-to-let mortgage for clients who needed to refinance a recently purchased property immediately, without waiting six months.

What did the clients do for a living?

The clients ran an estate agency business in London and had experience of buying and developing properties.

They were introduced to Trinity Financial through an existing connection with the estate agency sector.

Why was the mortgage application complex?

The clients had purchased a property requiring substantial renovation work and used a bridging loan to complete the purchase.

Once the transaction had completed, they wanted to replace the more expensive short-term bridging finance with a conventional limited company buy-to-let mortgage as quickly as possible.

Many mortgage lenders require a property owner to have held the property for at least six months before they will consider a remortgage. This is often referred to as the six-month ownership rule.

The clients could not wait six months and needed a lender willing to consider a Day One remortgage shortly after completion.

Why did the clients need Trinity Financial’s help?

The clients were working to a tight timescale and needed to release funds quickly to repay the bridging loan.

The application also needed to meet several specialist requirements. The property was owned through a limited company, the mortgage was for buy-to-let purposes, and the clients required an interest-only arrangement.

Finding a lender prepared to accept a Day One remortgage while still offering a competitive rate and suitable terms was challenging.

How did Trinity Financial help?

Our broker reviewed the purchase, bridging loan and proposed rental arrangements before approaching a specialist limited company buy-to-let lender.

We identified a lender that was prepared to consider the remortgage without requiring the clients to wait until they had owned the property for six months.

By presenting the background to the transaction clearly and supplying the required supporting information, we arranged the finance within the clients’ required timescale.

What mortgage did the clients secure?

The clients secured a £400,000 limited company buy-to-let mortgage on an interest-only basis.

The mortgage was arranged at a rate of around 5.30% with a specialist buy-to-let lender.

The new mortgage enabled the clients to repay the bridging finance and move onto a longer-term mortgage arrangement shortly after purchasing the property.

Call Trinity Financial on 020 7016 0790 to secure a fixed or tracker rate 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. It is for general information purposes and is not advice.

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

The Financial Conduct Authority does not regulate most buy-to-let mortgages.