£900,000 remortgage enabling clients to buy holiday home in Brighton with cash

by Aaron Strutt

Mar 26 2022

Trinity Financial recently helped two lawyers remortgage and release £900,000 from their £2 million property. They were buying a holiday home in Brighton.  

They lived in London and wanted to have a second home they could use at weekends and let out during the week. They asked us to arrange the mortgage and requested a longer-term fix on interest-only to lower their monthly payments.  

After searching for properties, they found one close to the sea and wanted to be cash buyers. They also wanted to use Airbnb to help cover the property's running costs. 

How did we help?  

Trinity's broker researched the market to find a lender offering competitively priced longer-term fix on an interest-only basis.  

He found a large bank offering a great ten-year fixed rate that was happy to provide them with the full £900,000.

The lender asked them to prove how the interest-only mortgage would be repaid, as it did not accept the sale of their home. The clients sent in statements showing a combination of their stocks, shares and pension income and they were an acceptable interest-only repayment vehicle.

The mortgage offer was produced within two weeks. 

Why would you want to remortgage your house to buy in cash? 

By purchasing a property with cash, our clients would be able to let their property without asking for permission from a mortgage lender. They could also access highly competitive long-term residential fixed rates.  

Call Trinity Financial on 020 7016 0790 for help to secure a mortgage or book a consultation