Day-rate contractor releases equity to purchase a larger home

Oviso helped a day-rate contractor who, along with his partner, owned two properties – a family home in which they both lived and a buy-to-let property.

The family home was valued at £250,000 and the buy-to-let was worth £160,000. The couple wanted to move to a larger family home costing £625,000 by releasing equity from their other two properties without selling them.

They approached their high street bank for a mortgage, but they couldn’t offer them anywhere near the amount they needed to buy the new property. They then approached Oviso to see if they could help resolve their situation.

After an initial consultation, Oviso’s advisors searched a wide range of products to find the best rate for their circumstances.

In changing their existing home from a residential mortgage to a buy-to-let mortgage, Oviso was able to help the couple refinance both properties to generate enough deposit for the new onward purchase. In addition, Oviso also managed to help them secure a mortgage of £468,750, enough to purchase their new larger house.

The couple now live in their dream home, as well as benefit from the additional income from their two buy-to-let properties.

Your home may be repossessed if you do not keep up repayments on your mortgage.

 

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