Our clients Mr & Mrs H had been looking to effect a move for the family to Cornwall in order to improve their quality of life. They found a lovely cottage near to Rock that suited their needs exactly. The purchase price of the property was £495,000. They had savings of £50,000 to assist in the process. Their existing property, valued at £1,000,000 was struggling to sell on the market and therefore Mr & Mrs H asked FOCUS if there were any options open to them that would speed up the process.
FOCUS discussed the client’s needs in detail and suggested that they might want to consider a ‘Let to Buy’ mortgage to help the process. Mr & Mrs H had previously looked to get into the Buy to Let market but had struggled finding suitable advice and the means to achieve their desires.
FOCUS was able to recommend a mortgage of £475,000 based on the value of the existing property as Mr & Mrs H decided that letting their current home and receiving the rental income would be a quicker and, ultimately, a more financially better solution than simply waiting to sell. With an expected rental on the existing home of £2750 per month and with monthly mortgage payments on the new mortgage of just £870 per month Mr & Mrs H were also able to improve their monthly cash flow position in the process. Raising the £475,000 therefore enabled Mr & Mrs H to purchase their new Cornwall home outright in cash which improved their bargaining position and also significantly speeded up the process.