Second Charge on Buy-to-Let to Fund Deposit on New Purchase in Bristol
£165,000 · 6 months · 1.04% pm. A landlord wanted to expand his portfolio by purchasing an additional investment property in Bristol.
The Client
Landlord
The Challenge
A landlord wanted to expand his portfolio by purchasing an additional investment property in Bristol. He had sufficient equity in an existing buy-to-let but did not want to remortgage (the existing rate was below current market) and simply needed the deposit for the new purchase.
Our Solution
Doulton placed a £165,000 second charge on the existing BTL, releasing the deposit equity without disturbing the beneficial first charge rate. First charge lender consent was processed in three working days.
The Outcome
Deposit funded. New investment property purchased. A buy-to-let mortgage was arranged on the new property, and the rental income contributed to servicing both the existing mortgage and the Doulton second charge. Bridge redeemed at month five via remortgage of the security property. Key highlights: Existing below-market BTL rate preserved; First charge consent in 3 working days; Portfolio expanded without disrupting existing financing.