Location: Bristol

Loan Amount: £360,000

Finance Category: Residential Mortgage

The Story

Our client had purchased a new-build property almost 5 years ago and had used the government’s help-to-buy equity loan to aid them in their purchase. As the 0% rate was coming to an end, they wanted to investigate their options for re-mortgaging to pay back the government help-to-buy loan.

The Challenge

Re-mortgages are possible up to 90% loan-to-value and our client required a loan of 88% loan-to-value. The reason for the borrowing was technically to consolidate the debt owed to the government via the help-to-buy loan.

Our client had been to several lenders already, but had only been able to secure a mortgage at 80% loan-to-value, while our challenge was to secure a high loan-to-value remortgage to repay a help-to-buy loan. The main requirement was for the loan to be treated as a staircasing of ownership to reduce the government’s equity, rather than debt consolidation.

The Solution

Fox Davidson arrange mortgages on the government’s help-to-buy scheme and, as a result, many of our clients are now returning to us looking to remortgage and repay the government help-to-buy loan. We work with lenders that can lend up to 90% on a remortgage, raising funds to pay back a help-to-buy loan.

We secured a mortgage of just below 90% loan-to-value for our client as the surveyor agreed with the valuation of the property.

Fox Davidson is an award-winning Bristol mortgage broker. We have offices in Bristol, London and across the Southwest. Call us on 0117 989 7950 to discuss your buy to let mortgage options.