£825,000 interest-only remortgage with lender offering great permission to let policy
Trinity Financial recently helped one of our clients to secure an £825,000 interest-only remortgage and another £500,000 mortgage to buy a new home.
One of our advisers helped our client, who works as a solicitor, to arrange their first mortgage two years ago. They bought a £1.2 million house in Surrey, but they were unsure how long they would live there.
As part of Trinity Financial's advice and recommendation service, we suggested they should take a mortgage with a large bank providing one of the best permission-to-let policies in the mortgage industry. This would give them the flexibility to let their home and keep their residential mortgage rate, potentially for years to come, unless the bank changes its lending policy.
Just over two years passed, and their remortgage was due, so we arranged to switch products to another residential rate while the property was let out. Most lenders either increase the rate when properties are let or limit the time properties can be let out.
The onward purchase mortgage for £500,000 enabled them to move to another property in Surrey and benefit from the rental income generated from the previous home.
They took an interest-only five-year fixed rate on both mortgages.
Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation
The information contained within this article was correct at the time of publication but is subject to change.
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