- £315,000 debt consolidation remortgage to repay parents and unsecured credit
- 39-year mortgage term to lower repayments
- 1.24% two-year tracker rate without exit fees
Our client wanted to remortgage his property to repay the £175,000 his parents lent him five-years ago to help him get on the property ladder. He also required an additional £30,000 to repay his credit cards and loans.
He was keen to secure a cheap tracker rate without early repayment charges so he would not have to pay a large fee if he wanted to sell his home.
Why was it difficult?
Many of the lenders have tightened their debt consolidation rules, and it is harder than normal to remortgage to repay debts.
How did we help?
Trinity’s broker applied to a large bank happy to accept debt consolidation, particularly if the funds are required to repay a family member for a gifted deposit and relatively small unsecured debts. The lender provided cheap Bank of England base rate trackers without early repayment charges and applied a 4.75-times salary income multiple.
What was the rate?
A 1.24% two rate tracker rate and it reverts to the banks 3.59% standard variable rate. The overall cost for comparison is 3.4% APRC. The arrangement fee was £1,499, and the mortgage had a 39-year term.
Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation