- £1.4 million private bank mortgage
- Mostly interest-only mortgage for limited company directors
- Term tracker rate without early repayment charges
Our clients asked for help to secure a mortgage during the first coronavirus lockdown to purchase a large rural property. They owned several limited companies and business had been good for the last few years, they also had retained profits, pensions and high income from their other investments. They wanted to borrow over £1 million with as much of the mortgage on interest-only as possible.
How did we help?
Like many limited company owners, our clients knew they could afford the mortgage, but they did not know which lender to approach. Our broker contacted a range of high street lenders and private banks but as the property came with lots of land and stables, and the income from their companies was complex, many of them were not keen to lend. At the time, many of the lenders had temporarily restricted their mortgage products and tightened acceptance criteria.
A leading private bank was happy to provide a competitively priced mortgage with just over £1 million on interest-only. The private banker provided a first-class service and agreed to the mortgage with a long exchange and completion deadline. The agreement in principle was produced in a week and the mortgage offer two weeks later.
What was the rate?
A term Bank of England base rate tracker mortgage priced at 2.35%. The overall cost for comparison was 2.6% APRC. The arrangement fee was 1% of the loan amount, and there were no early repayment charges. The mortgage had a 15-year term.
Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation