- £1,200,000 mortgage for second home purchase
- Product ensured client would be chain-free
- 1.39% two-year tracker rate without exit fees
Our clients had found a £1.6 million property they wanted to purchase and requested help to secure a £1,200,000 loan with a low rate and no early repayment charges. The couple both had well-paid jobs in the city and wanted to be chain-free so that they could sell their existing property for the best price.
By taking a large loan mortgage without early repayment charges once they sold their existing home, they could pay off a large chunk of the debt without paying fees. They also did not have to wait for a buyer or move at an inconvenient time.
How did we help?
As they already had a residential mortgage, Trinity's broker approached a lender providing second home mortgages and tracker rates without early repayment charges.
As it was a £1 million+ loan we had access to the bank's high-net-worth team and they were able to agree to the application quickly. The mortgage offer was produced within ten days.
What was the rate?
A 1.29% two-year tracker rate and it reverts to the banks 3.54% standard variable rate. The overall cost for comparison is 3.2% APRC. The arrangement fee was £999, and early repayment charges applied. The mortgage had a 25-year term and there was a free basic property valuation.
Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation