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Trinity recently secured an assignable contract mortgage for a first-time buyer purchasing a new build flat.

After renting for some time, he decided to purchase a flat after his parents agreed to gift him a substantial deposit.

As the property was originally bought off plan and was remarketed by another developer, he needed a specific reassignment mortgage.

Solution

Most of the banks and building societies do not like reassignment of contract mortgages, although there a couple of lenders offering terms.

Trinity approached a bank providing low rates with flexible acceptance criteria. It has a track record of producing fast mortgage offers, enabling clients to complete quickly.  

As our client was concerned about rates rising in the future, he locked into a fixed rate mortgage.

The bank also has an impressive retention policy ensuring customers can access new deals when their rates expire.

Case details

Property: Flat in London

Value: £445,000

Mortgage: £120,000

Rate: 1.99% fixed until 30 June 2019

Reversion rate: 3.49% over the BBBR rate, currently 3.74%.

The overall cost for comparison is 3.5% APRC representative.

Lender’s arrangement fee: £999

Mortgage term: 15 years

Repayment type: Full capital repayment

Loan-to-value: 27%

Early repayment charge: Early repayment charges until 01 December 2019.

Overpayments: Up to 10% per annum without charge.

The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.

To secure an assignable contract mortgage call Trinity Financial on 020 7016 0790.

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