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Trinity Financial recently arranged a £1.45 million remortgage for a client requesting help to switch to a cheaper rate.

His fixed rate had come to an end, and he wanted to remortgage to a lender offering more competitively priced rates. He wanted a 25-year term on an interest-only basis and worked for a multi-national firm in France. He was paid in euros and regularly came back to the UK. 

Solution

Trinity has access to a range of lenders offering foreign income mortgages, and they provide £1-million+ mortgages.

Our broker approached the lender with competitively priced two-year fixes and generous interest-only mortgages accepting the sale of the property as the repayment vehicle.

The lender provided a free provide valuation and free legal fees to reduce the cost of switching banks.

Case details

Property type: Four-bedroom house

Value: £3,000,000

Mortgage: £1,500,000

Rate: 1.54% fixed rate until 02/07/2021

Reversion rate: The bank’s standard variable rate, currently 4%.

The overall cost for comparison is 3.76% APRC representative.

Lender’s arrangement fee: £999

Mortgage term: 25-years

Repayment type: Part interest-only

Loan-to-value: 50%

Early repayment charge: For two-years

Overpayments: Up to 10% per annum without charge.

Representative example: An interest mortgage of £1,500,000 payable over 25 years, initially on a 1.54% fixed rate until 02/07/2021 and then on a variable rate of 4% for the remaining 23 years, would require 26 monthly repayments of £1,925 followed by 274 monthly repayments of £5,000. The total amount repayable would be £2,921,435 made up of the loan amount, plus interest (£1,420,050) and £999 (product fee), £200 (final repayment charge), £35 (completion fee). The overall cost for comparison is 3.76% APRC representative.

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

Call Trinity Financial on 020 7016 0790 to secure a foreign income mortgage

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