Norfolk holiday property remortgage to release equity

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.

Louis Levine

Finance Executive CeMAP

Bristol

0117 457 7862

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George Abouzolof

Finance Broker

Bristol

0117 403 3444

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Bridging Team

Clifton Private Finance

Bristol

0117 959 5094

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Sam Baker

Finance Broker

Cardiff

0117 959 5094

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As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you 

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Fergus Allen

Finance Broker

Cardiff

0117 959 5094

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Jacob Phipps

Finance Broker

Bristol

(+44) 0117 959 5094

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I specialize in helping international clients source residential and investment property finance for UK property. Book a free telephone consultation with me at a time to suit you 

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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. customDatabaseField-8455

Mathew Phillips

Senior Finance Broker

Bristol

0117 959 5094

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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.

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Luther Yeates

Senior Finance Broker

Bristol

0117 244 5561

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I have extensive experience finding residential and investment property finance for UK and international clients. Book a free telephone consultation with me at a time to suit you.

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Sam ONeill

Senior Finance Broker

Bristol

0117 959 5094

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I am a bridging finance specialist at Clifton Private Finance. I can find a quick, cost-effective solution for the funding you're looking for. Book a free telephone consultation with me at a time to suit you 

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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.

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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. customDatabaseField-8455

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