Our clients were looking to purchase a new residential property; however, they were not selling their existing property and had planned to remain in their home until they had renovated the new property.
They needed to capital raise on the existing property to purchase the new property and were finding this very difficult.
Their new purchase was £970,000 and the valuation of their existing London property was £550,000. Our clients needed to raise funding on both properties.
The clients were LTD company directors with a combined income as per tax calculations of £200,000. This helped us leverage great terms for them to hold both properties on a residential status.
They had been advised this was not possible and they would need to remortgage their current home as a Buy To Let. They were uncomfortable with this scenario as they had no intentions of renting their current home and did not want issues after completion. They needed a London base for their work and wanted to purchase a new property outside of London.
We were able to structure the lending across both properties, on two residential mortgages @ 85% on each one. This allowed the clients to achieve their goal, whilst having the peace of mind that the mortgages had been structured correctly.
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