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.
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 email@example.com