Trinity Financial recently arranged a buy-to-let remortgage for two clients raising funds to pay off another buy-to-let mortgage.
They asked Trinity for help to find them a lender happy to provide a longer term as they were both 69 years old.
They planned to sell the property in the longer term but in the meantime benefit from any capital appreciation and the monthly rental income.
The funds would repay their other investment property as the mortgage term was coming to an end.
Trinity’s broker sourced the market to find the lenders offering the most competitively priced rates with the longest mortgage terms.
He secured them a 15-year term and a fantastically low two-year fixed rate on an interest-only basis.
The mortgage offer was issued in less than two weeks and completed in less than four weeks.
Property type: Detached house
Rate: 1.69% until 02 October 2021
Reversion rate: The bank’s standard variable rate, currently 4%.
The overall cost for comparison is 3.7% APRC representative.
Lender’s arrangement fee: £1,499
Mortgage term: 15-years
Repayment type: Interest only
Early repayment charge: Until 02 October 2021
Overpayments: 10% per annum allowed
Representative example: A mortgage of £225,000 payable over 25 years, initially on a 1.69% fixed rate until 02 October 2021 and then on a variable rate of 4% for the remaining 13 years, would require 25 monthly interest-only payments of £318.99 followed by 155 monthly payments of £755. The total amount repayable would be £351,758.75 made up of the loan amount plus interest £124,999 and £1,499 arrangement fee. The overall cost for comparison is 3.7% APRC representative.
The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.
Call Trinity Financial on 020 7016 0790 to secure a buy-to-let mortgage