5.5 times salary residential mortgage for client with three buy-to-let properties
Trinity Financial recently arranged a 5.5 times salary residential mortgage for a landlord with three buy-to-let properties with mortgages.
Our client was living with his parents while he built his buy-to-let portfolio and had decided to purchase a property for himself and his partner.
Did they have a complex situation?
He worked for a bank and had a clear credit history. All the properties were let on assured shorthold tenancy agreements, and he had the tax calculations.
Most lenders offering 5.5-times-salary mortgages require them to be for first-time buyers, and they usually apply stress tests on properties in the background, making it hard to access income-stretch mortgages.
They were buying a property for just over £600,000 and needed a £550,000 mortgage.
How did we help?
Trinity's mortgage adviser researched the market and found a lender offering an LTI boost product for brokers. The scheme allowed our client to borrow the full £550,000 mortgage over a 31-year term.
The building society required the client's three most recent payslips and proof that the rental income for the properties covers the mortgage repayments. It also considered the rent for affordability purposes.
Was the rate particularly good?
Trinity's broker arranged a five-year fixed rate priced at just over 4.6%. Early repayment charges apply for the term of the mortgage.
Lending solutions with Trinity Financial
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