Trinity Financial recently arranged an equity release loan for a client whose Santander interest-only mortgage term had finished.
They had reverted to the Santander's standard variable rate, and the bank was extremely keen for the mortgage to be repaid.
Our clients wanted to stay in their property, but they did not have a sufficient income to remortgage to another lender. They also did not think it was an appropriate time to sell.
Trinity's equity release and older borrower specialist confirmed they could not switch to another lender, and recommended an equity release loan.
He suggested a product where the interest would be rolled up so the clients could stay in their property for the longer term, but with an overpayment facility where after 12 months the could make payments to keep the debt level the same.
The mortgage offer was produced in six weeks enabling the client to repay their existing bank and stay in their home.
Mortgage: £210,000 plus agreed drawdown facility
Rate: 3.77% for the life of the mortgage
The overall cost for comparison is 3.9% APRC representative.
Lender’s arrangement fee: £0
Mortgage term: 25 years
Repayment type: Interest rolled up with repayment facility after 12 months.
Early repayment charge: Early repayment charges apply. Please ask for a personalised illustration.
Representative example: An equity release mortgage of £210,000 payable over 25 years, on a 3.77% variable rate for the 25 years. The total amount repayable would be £538,271.11. The overall cost for comparison is 3.9% APRC representative.
The actual rate available will depend on your circumstances.
This is a lifetime mortgage (home reversion plan). To understand the features and risks, ask for a personalised illustration.
Call Trinity Financial on 020 7016 0790 to repay your Santander mortgage
This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.
CHECK THAT THIS MORTGAGE WILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR YOU WANT YOUR FAMILY TO INHERIT IT. IF YOU ARE IN ANY DOUBT, SEEK INDEPENDENT ADVICE.
There will be a fee for mortgage advice. The precise amount will depend upon your circumstances but we estimate that it will be £495 at application and £995 on completion of the mortgage.