£500,000 mortgage for clients living with parents purchasing second buy-to-let property
Key features:
- 1.60% buy-to-let five-year fix
- Clients purchasing second investment property while living with parents
- £525,000 mortgage
Our clients:
Our clients both worked in London for multinational firms and lived with their parents. They had well-paid jobs and rather than purchase a property for them to live in, they wanted to invest in the property market and continue living with their parents. They had a 25% deposit.
What were they looking for?
They had found a two-bedroom converted flat and wanted us to find a lender to offer them a second buy-to-let mortgage on the most competitive terms possible.
Why was it difficult?
Most banks and building societies do not offer buy-to-let mortgages if you do not already own your own home. Also, the rental income the flat generated was not sufficient to secure a large enough mortgage with most offering cheaper rates.
How did we help?
Trinity’s broker found a large bank offering incredibly buy-to-let mortgage rates to borrowers and applicants did not need to own a property to qualify.
As the flat did not generate enough rent to obtain a large enough mortgage, the lender used our clients employed income to boost the application and secure the full £525,000 mortgage.
What was the rate?
The 1.60% rate was fixed until 31/01/2022, and it had a £1,295 arrangement fee. After the fixed-rate period, the mortgage reverts to the lender's standard variable rate, which is currently 5.24%. The overall cost for comparison is 4.9% APRC.
Call Trinity Financial on 020 7016 0790 to secure a buy-to-let mortgage
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