Buy-to-let mortgage for first-time buyer purchasing investment property
Case details:
Our client was keen to get on the property ladder and purchase an investment property.
Buying a residential property in an area he would like to live in would have been difficult and require a large income stretch.
So, he opted to buy an investment property in a nice area of London. This enabled him to get a better return on his savings and benefit from future house price rises.
Solution:
Most lenders do not offer first-time buyer buy-to-let mortgages, so we had to approach one of the banks still operating in this market.
We submitted the application to a bank willing to look both salary and rental income generated from the property for affordability purposes. This enabled him to secure a large enough mortgage.
Property: Property in north London
Rate: 3.59% fixed until 30/09/2016
APR: 5.30%
Loan amount: £435,000
Lenders arrangement fee: £1,999 added to the loan amount
Mortgage term: 25 years
Repayment type: Interest-only
Loan-to-value: 70%
Reversion rate: 5.35%
Early repayment charge: 3% until 30/09/2015 and 2% until 30/09/2016
The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.
If you would like help to secure a mortgage to purchase a property, call Trinity on 020 7016 0790. You can also email: enquiries@trinityfinancialgroup.co.uk
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