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There is still a strong demand for interest-only mortgages even though many of the banks and building societies have pulled out of the interest-only market.

Trinity Financial has access to a limited amount of mortgage lenders offering interest-only on a more flexible basis.

We recently secured a mortgage for a hedge fund manager requiring his mortgage repayments to be more manageable. After we explained that split repayment mortgages were still available he decided that part interest-only mortgages were a good option particularly as there is the option to make additional 10% capital repayments each year.

Case details

Property: House purchase near Parsons Green in London and valued at approximately £1.4 million.

Mortgage rate and loan amount: Approximately £1 million taken on a two-year fixed rate at 2.39% over a 25-year term. The reversion rate is 4.74%.

Lender''s arrangement fee: £995 added to the loan amount.

APR: The overall cost for comparison is 5.4%.

Repayment type: £650,000 taken on an interest-only basis and £350,000 on full capital-repayment.

Loan-to-value: Approximately 70% of the property value.

Early repayment charges: 3% of the loan amount for two-years. Plus a £250 exit fee.

Trinity can help:

If you are looking for an interest-only mortgage with an element of capital-repayment to ensure mortgage payments are more manageable, call us on 020 7016 0790.

You can also email us via enquiries@trinityfinancialgroup.co.uk
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To arrange a meeting with one of our expert mortgage advisers complete our enquiry form and we will call you back. Please note, by submitting this information you have given your agreement to receive verbal contact from us to discuss your mortgage requirements.

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