Buy to let Remortgage
We were approached by a recently retired footballer who had suddenly found that his income had reduced by 80%. Whilst establishing himself in a new media career he was struggling to adjust to this decrease in income and felt that the only option was to sell his family home and move to a smaller property which he owned but was letting to a tenant.
He was loath to sell his property at the price he was being offered as it was considerably below his perceived value and he had spent many years tailoring the property to his families needs. It had been his intention to raise his family in this house until they left home.
He was confident that in two years he would be back in the position to afford the funding but clearly couldn’t guarantee that the house would come back on the market at that time.
We suggested that he move back to his property that was let out once the tenants lease had expired (this was only 6 weeks away) and rent out the property he was initially thinking that he would have to sell.
This allowed him to keep both properties and because we raised the Buy to Let mortgage at a competitive 2 year fixed rate, the rental income not only covered this mortgage but it also covered the cost of the mortgage on the other property.
Thus he was able to hold onto his home and ease his short term financial difficulties.
Can we help?
As each case is individual, we have provided a questionnaire that will enable us gather some basic information about your requirements. Once the questionnaire has been completed and submitted, one of our consultants will begin assessing your needs and progressing your enquiry.
All information will be treated with the strictest of confidence.