- £1.5 million private bank remortgage
- 2.89% five-year fixed rate
- One of the borrowers paid in dollars and living in America
Our client's fixed-rate mortgage on their £3 million property was coming to an end and their existing lender was not offering them a competitive enough rate to stay with them. They wanted to remortgage to secure a well-priced longer-term fixed rate.
Why was it difficult?
We approached a range of banks and building societies offering foreign income mortgages and they were not happy with "the overall profile of the case". The main applicant was paid in USD and living and working in the USA.
How did we help?
Trinity's broker contacted a private bank offering competitively priced rates with more of a can-do attitude. The bank agreed to provide an interest-only mortgage based on their main earner's income and bonuses.
What was the rate?
A fixed-rate of 2.89% for five years. The rate reverts to the lender's standard variable rate of 3.99%. The overall cost for comparison is 3.2% APRC. The arrangement fee was £15,000 and early repayment charges apply for the full fixed rate term.
Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation