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Our clients asked for help to remortgage away from their bank as they were paying an expensive standard variable rate.

They were struggling to switch to another lender and obtain a low rate on interest-only.

The main issue was one of the clients recently started working on a self-employed basis and was no longer PAYE.

Solution

Despite the clients being able to afford the mortgage repayments, their applications were refused by a number of high street lenders. 

Trinity approached a building society with a strong appetite to lend and presented a proposal which required the lender to review all aspects of the case.

Specialist underwriters took the time to understand how the clients were paid and also took into account their excellent credit record.

The society was happy to accept the application and as a result, reduce the monthly cost of the loan by almost 50%.  

Property: Surrey

Value: £3,600,000

Mortgage: £1,400,000

Rate: Two-year discounted rate – 2.24% discount from 5.49% standard variable rate for five years. Current pay rate 3.25%. 

The overall cost for comparison is 4.8% APR.

Reversion rate: 5.49% - the lender’s standard variable rate.

Lenders arrangement fee: 0.5% of the loan or £7,000.

Mortgage term: 19-year term

Repayment type: Interest-only

Loan-to-value: Approximately 40%

Early repayment charge: 3% of the loan amount for two years

Overpayments: Up to 10% of the outstanding balance can be repaid each year without charge.

The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.

For help to remortgage away from an expensive standard variable rate, call Trinity on 020 7016 0790.

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