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.
£970,000 purchase price of new property
£550,000 valuation of existing property
The clients were LTD company directors with combined income as per tax calculations of £200,000
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.
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.
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