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, 2019. 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 4.95 stars by Reviews.co.uk based on 731 merchant reviews

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731 Reviews
I didn't expect Conor at Private Finance to be able to find a mortgage solution for my circumstances. I was wrong. I now have a mortgage exactly suited to my needs. Suffice to say I am very pleased with the service provided by Private Finance and Conor in particular. I would have no hesitation in recommending their services to others.
Fantastic service, Simon sorted me out with exactly what I wanted and at a better interest rate than I could get else where. Would recommend their service to anyone. Hopefully I get the chance to use this company again. Thank you
The service from Donovan was excellent. As we came into this as first time buyers, Donovan put us at ease at all times, was very responsive and and provided ample advice. He was a calming influence on the whole house buying process. The service was silky smooth from start to finish! I would not hesitate to recommend Donovan and Private Finance.
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