In order to ensure that they did not pay the higher reversion rate, Trinity approached one of the leading banks offering mortgages over £1 million and they agreed the deal in principle.
Property: Flat in central London valued at £2.4 million.
Mortgage rate and loan: Approximately £1.2 million on a two-year fixed rate at 3.19% over taken over a 10-year term. The reversion rate is 4.50%.
Lender''s arrangement fee: 0.5% of the loan amount “ so just over £6,000. This can be added to the loan amount.
APR: The overall cost for comparison is 4.3%.
Repayment type: Interest-only.
Loan-to-value: Approximately 50% of the property value.
Early repayment charges: 2% in year one and 1% in year two.
Trinity can help:
If you would like help to remortgage your buy-to-let mortgage, call us on 020 7016 0790 or email firstname.lastname@example.org