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One of Trinity''s clients wanted to use their strong cash position to negotiate a better purchase price.

Even though they planned to buy the property for cash to secure a quick sale - they still wanted access to the money again in the future.

Case details and solution

Even if a property is bought for cash, it is possible to get a significant part of the money back using a same day remortgage. We advised our client that it is possible to arrange a mortgage to complete in time with their cash purchase, this would enable them to have a high percentage of the cash funds put back into their bank account.

Property: Four bedroom house in Surrey for £550,000.

Remortgage the property on the same day and provide approximately £400,000 cash back.

Mortgage rate: A two-year fixed rate at 2.14% at 70% loan-to-vale.

The mortgage will be taken over a 25-year term.

Reversion rate: 4.79%

Lender''s arrangement fee: £995 - free property valuation and remortgage service.

APR: The overall cost for comparison is 4.5%.

Repayment type: The mortgage is on a capital repayment basis.

Early repayment charges: 2.5% until 01/01/2016.

Trinity can help: If you are looking for help to release equity from your property to recoup funds or to purchase another house or flat, call us on 020 7016 0790 or email enquiries@trinityfinancialgroup.co.uk

October 16, 2013
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