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Raising capital against the remortgage of a Buy to Let property

At largemortgageloans.com we help people overcome a variety of challenges to secure their ideal property. Often this relates to the client’s individual situation, but in many cases the property itself also proves a challenge to finance. If you have a unique situation you’d like to talk to us about, speak to one of our expert advisers on 020 7519 4984 or email us.

Case profile

Associate Director Tom Foster was approached by clients who were looking to raise over £2million in capital against the remortgage of their buy to let (BTL) property.

The complexities with this case came from the BTL property which earned over £100,000 per annum, as many lenders may consider this as a commercial tenancy. Immediately, this reduces the number of BTL lenders who would consider reviewing a remortgage for this type of property.

In addition, the clients did not have the earned income proportion to what they wanted to borrow. However, their illiquid assets were valued at over £5million and this was taken in to account, in the background.

Finally, the couple comprised of one UK domiciled resident and one non-domiciled resident. As such, this resulted in a lack of ‘footprints’ or tax status in the UK.

Solution

Despite their proportionately low income, Tom was able to approach a lender who considered high net worth exemption and could view some of the clients assets as a form of income. Applying this common sense approach resulted in the clients securing their desired mortgage amount of over £2million.

Your home or property may be repossessed if you do not keep up repayments on your mortgage.

You may have to pay an early repayment charge to your existing lender if you remortgage.

The FCA does not regulate some aspects of buy to let mortgages and asset finance. 

Property prices can fluctuate down as well as up. You should ensure that you have alternative arrangements should your property value fall below the borrowing amount outstanding.

This information does not constitute financial, legal or accounting advice. Investors should seek their own independent advice before proceeding.

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