Trinity Financial recently arranged a £1.7 million residential mortgage for two city bankers buying a new home in London.
They wanted to act quickly to ensure they were in a position to exchange contacts as soon as possible. The client also wanted an interest-only mortgage.
Case details and solution
As our client’s worked for a large bank and they had a track record of their income, we approached one of our contacts at a leading private bank. We knew they would be able to provide a fast mortgage and ensure it was delivered promptly.
Property: House valued at £2.5 million and located in Surrey.
Mortgage loan amount and rate: Approximately £1.7 million taken on a 3.49% five-year fixed rate. After the fixed rate, the mortgage reverts to the lenders current standard variable rate of 4%.
Lenders arrangement fee: 0.5% of the mortgage amount and added to the loan.
APR: The overall cost for comparison is 3.9%.
Term: 25 years.
Repayment type: Interest-only bullet repayment mortgage. Quarterly overpayments were written into the mortgage contract to ensure the loan is repaid over the term.
Loan-to-value: Approximately 70% of the property value.
Early repayment charge: 3% for five-years.
The mortgage had the facility to make 10% overpayments each year.
The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.
Call Trinity on 020 7016 0790 to secure a large mortgage loan. You can also email: firstname.lastname@example.org