Remortgage on a Buy to Let to raise capital

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Proposition

Our client was looking to remortgage his buy to let property that he had recently renovated (and never actually let) to capital raise for a deposit on a new buy to let property. The main issues were:

  • the client does not own a residential property
  • the large amount he was looking to raise
  • the high level of rental income required to cover the monthly interest payments
  • the possibility of rental voids, because his income (£50,000pa on a self-employed basis) would not be sufficient to cover the monthly repayments at this loan amount

Solution

With the property valued at £2m and the current loan £650,000, we negotiated a new loan of £1m, raising £350,000 capital. One particular lender was prepared to offer a competitive priced mortgage based on the circumstances above.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

© Private Finance Limited, 2020. Private Finance provides independent mortgage advice and arranges individual mortgage solutions for clients. Private Finance is a trading style of Private Finance Ltd, 29 Lincolns Inn Fields, London, WC2A 3EG, registered in England no. 3855776 and its Appointed Representatives. Private Finance Limited is authorised and regulated by the Financial Conduct Authority (FCA registration number 310566).

Private Finance Ltd is rated 4.96 stars by Reviews.co.uk based on 919 merchant reviews

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919 Reviews
I cant tell you how fabulous its been to deal with Private Finance and specifically Nathan Cole. My forte is not finance and he kept his cool during the whole process even through covid and his own personal stuff. Its been a delight! Explained things a million times when needed and not in a patronising way. Private finance will be the first people i call!
Exceptional level of service and always very quick to respond to any queries. We would highly recommend Private Finance and look forward to working with you again in the future.
Excellent service and follow up by Private Finance throughout the entire process. Highly recommend.
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