£900,000 offset remortgage for client making lump sum deposit to reduce interest costs

What was the situation?

One of Trinity Financial’s existing clients asked for help producing mortgage illustrations to determine whether it made sense to take an offset mortgage.

She was selling a property and was due to receive a lump sum. She asked our mortgage adviser to produce a range of costings she could provide to help her financial adviser.

The house she was remortgaging was worth £2 million and needed a like-for-like remortgage of £850,000.

What was the issue?

While many people take offset mortgages, selecting them generally only makes sense if you have sufficient funds to put in the offset account.

Our client was with a large bank that did not offer existing or new customers offset mortgages. Fewer offset mortgages are available, particularly with Scottish Widows exiting the offset mortgage market.

Trinity Financial has years of experience with this type of enquiry and knows precisely what lenders offer offset mortgages with the more generous affordability calculations. We knew we’d be able to help!

What was the process?

After understanding their requirements, assessing the most suitable mortgage lenders, and running the sums with her financial adviser based on the time period it would take to sell the property, Trinity’s broker got the go-ahead to secure an offset fixed-rate through a large building society.

What was the solution and mortgage rate?

Just after our broker got the mortgage offer, the fixed rate was reduced from 6.2% to 6%, so he switched products and got a new updated offer.

The mortgage offer was produced in two weeks and had a 25-year term.

Lending solutions with Trinity Financial

Are you looking for a larger mortgage loan and expert advice? We’re here to help you find a solution – no matter how complex your circumstances. At Trinity Financial, our expert brokers have extensive experience providing creative solutions to secure mortgages for our clients.

We work closely with our trusted network of private banks and high street and specialist lenders to arrange bespoke mortgages to suit your circumstances. 

Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation 

The information contained within was correct at the time of publication but is subject to change.

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