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.
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.
Property: Flat in London
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
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.