Remortgage for clients raising funds to build home for parents
Key features:
- Remortgage of main residence to release funds to build house
- 1.49% five-year fixed rate
- Retained profit used for mortgage affordability calculations
Our clients:
Our clients ran their own companies and had a mixture of income generated from across the world.
What were they looking for?
The couple wanted to remortgage their home to raise over £200,000 to build a two-bedroom property. The house was going to be in their garden and their parents were going to live in it.
Why was it difficult?
We needed to find a lender to use employed income plus the company's retained profit. Additionally, they want a lender happy for them to build in their garden.
How did we help?
Trinity's broker approached a bank offering fantastically cheap five-year fixes and it was happy to release the funds to build the property without splitting the title of the property.
The mortgage was taken of a full capital repayment basis with the option to make lump sum overpayments each year.
What was the rate?
A fixed-rate of 1.49% until 30 June 2025. The rate reverts to the lender's standard variable rate of 3.54%. The overall cost for comparison is 2.7% APRC. The arrangement fee was £999 and early repayment charges apply for the full fixed rate term.
Call Trinity Financial on 020 7016 0790 to secure a mortgage to build a property
Get started today
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