Trinity Financial arranged a £1 million residential remortgage for a Barclays Wealth client unhappy with private banking changes at the lender.
He wanted to raise additional funds to complete renovation work on his property and was keen to secure a term-tracker mortgage.
Case details and solution
As our client did not have any early repayment charges on his mortgage we were able to remortgage him to one of the leading high-street lenders.
We secured the additional funds he required and arranged a competitively price term-tracker mortgage. The new lender did not require any assets to be transferred as part of their agreement to lend and he was happy to proceed.
Property: House valued at £1.5 million in Clapham.
Mortgage loan amount and rate: Approximately £1 million taken on a lifetime tracker rate at 2.09% over the Bank of England base rate.
Lenders arrangement fee: £1,995 and added to the loan.
APR: The overall cost for comparison is 2.6%.
Term: 25 years.
Repayment type: Interest-only with sale of the property stated as the repayment vehicle.
Loan-to-value: Approximately 65% of the property value.
Early repayment charge: No early repayment charges so the mortgage can be repaid at any time.
The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.
Call Trinity on 020 7016 0790 to remortgage away from a private bank. You can also email: email@example.com
May 20, 2014