Capital raising mortgage to secure funds to finish £1 million self build property
Trinity Financial recently arranged a £400,000 mortgage for a client who had just finished building his house.
The property was in a rural location, was worth £1 million, and had an energy performance certificate rating of B plus two acres of land.
While the property was finished and watertight, our client was keen to raise landscaping funds and build an outhouse and swimming pool.
Did they have a complex situation?
Our client was employed with strong company accounts, and his income was from his family business. We were using his salary and dividends to prove his income.
As the property was newly built and in a rural location, some lenders felt it would be difficult to sell if they needed to recoup their funds. As the property had a newbuild warranty, some lenders were also not keen to issue a mortgage so quickly as it had just been finished.
Trinity's broker researched the market and found a leading building society happy with our client and the property, particularly as it was at such a low loan-to-value.
Was the rate particularly good?
After approaching several lenders and finding a suitable provider, Trinity’s broker secured a five-year fixed rate of 4.24% with a £995 arrangement fee.
How long did it take to produce the mortgage offer?
The mortgage offer was produced within three weeks. The lender's valuer thoroughly inspected the property, and we had to provide the building certificates.
Lending solutions with Trinity Financial
Are you looking to buy a property and require expert advice? We’re here to help you find a solution – no matter how complex your circumstances.
At Trinity Financial, our expert brokers have extensive experience providing creative solutions to secure mortgages for our clients.
Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation
The information contained within was correct at the time of publication but is subject to change.
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