Second Residential Purchase
Our clients were looking to purchase a new residential property, however they were not selling their existing property and were planning to remain in the property until they had renovated the new property.
They needed to capital raise on the existing property to purchase the new property.
They had been advised this was not possible and would need to re mortgage the current property as a buy to let. They were uncomfortable with this as they had no intention of renting the current property and did not want issues after completion.
- Total loan requirement of £1.3m over the two properties
- Total declared income – £220,000
- Total commitments outside the mortgages – £1500.00 per month
We were able to structure the lending across both properties, on two residential mortgages @ 85% on each one, which allowed the clients to achieve their goal whilst having the peace of mind that the mortgages had been structured correctly.