Norfolk holiday property remortgage to release equity

Area
Norfolk
Capital Raised
£360K

The Scenario

Our clients wanted to release some equity from the value of their holiday home to help with an upsize purchase in London.

It’s a 3-4-bed house on the north Norfolk coast: a three-hour drive from London that avoids the weekly M4 exodus log-jam. Their initial mortgage of £260K was now on a property valued at £425K.

Most lenders will cap holiday-let lending at 50-70%, and charge fairly punitive interest rates.

In addition, because the clients were going to be selling-then-buying in London, a couple of lenders were now going to consider the pre-owned holiday property as their "main residence" – a completely unnecessary confusion.

The Solution

We sourced a lender who was comfortable with this being a holiday let, which would be empty for periods of time in the off-season.

They weren’t concerned that the family would make occasional use of the property themselves, and didn’t get stuck in a main-residence/second-residence loop.

We sourced refinance at 85% LTV, releasing £100K in equity to help with the deposit for their London purchase.

Jack Spillane

Finance Broker

Bristol

0117 959 5094

Is your situation similar to this? I specialise in helping clients who need creative development finance solutions, and second-charge mortgages. Give me a call any time and we can set up a detailed discussion of the finance you need.

Mathew Phillips

Finance Broker

Bristol

0117 959 5094

Are you in a similar situation? I specialise in bridging finance at Clifton Private Finance - I will find you the best funding solution for your property transaction.

Alex Chambers

Senior Finance Broker

Bristol

0117 403 4324

Are you in a similar situation? I am a specialist in residential and investment property finance for UK and international clients at Clifton Private Finance. Please don't hesitate to get in touch for a no-cost discussion of the finance you need.

Luther Yeates

Senior Finance Broker

Bristol

0117 244 5561

Are you looking for a similar type of property finance? I have extensive experience finding residential and investment property finance for UK and international clients. Please get in touch and we can arrange a time that's convenient for you to discuss your situation.

Sam ONeill

Senior Finance Broker

Bristol

0117 959 5094

Is your situation similar? I am a bridging finance specialist at Clifton. I can find a quick, cost-effective solution for the funding you're looking for.

Robert Gibb

Senior Finance Broker

Bristol

0117 959 5094

Are you looking for mortgage or short-term finance for residential or buy-to-let property (including HMOs)? I have extensive experience in finding property finance solutions for UK and international clients, both as individuals and limited companies. Please give me a call and let me see what I can do for you.

Adam Arnott

Associate Director

Bristol

0117 205 0214

Is your situation similar to this? I have extensive experience of advising clients who need creative property finance solutions. Please get in touch and we can arrange a time that suits you for a detailed discussion of your requirements.

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