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Our clients asked for help to remortgage their Cob Cottage property away from a large bank.

They wanted to extend their mortgage term and find a lender helping older borrowers receiving a mixture of incomes.

As their house had a thatched roof, they needed a provider happy to lend on unusual properties.

Solution

Trinity’s older borrower lending specialist (Jed Newton) approached a building society and they were happy with the property and the way our clients were paid. 

Even though they had a mixture of employed and self-employed salaries, plus an occupational pension, the lender was comfortable they would be able to afford the interest-only payments.

As the client did not want to move home, the mortgage enabled them to stay in their property for much longer. After their discounted rate expires, Trinity should be able to switch the borrowers to another specialist provider if their lender does not offer them a product transfer rate.

Case details

Property type: Cob Cottage

Property value: £500,000

Mortgage: £210,000

Rate: 3.49% - Two-year discounted rate with 0.70% off of the 4.19% standard variable rate.

Reversion rate: Lender’s current standard variable rate, currently 4.19%.

The overall cost for comparison is 4.2% APRC representative.

Lender’s arrangement fee: £1,999

Mortgage term: 10 years

Repayment type: Full interest-only

Loan-to-value: 42%

Early repayment charge: No early repayment charges

Representative example: A mortgage of £210,000 payable over 10 years, initially on a discounted rate for 2 years at 3.49% and then on a variable rate of 4.19% for the remaining 8 years, would require 24 monthly repayments of £616.86 followed by 96 monthly repayments of £740.58. The total amount repayable would be £299,405 made up of the loan amount, plus interest (£85,050) and fees of £1,999. The overall cost for comparison is 4.2% APRC representative.

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

To secure a Cob Cottage mortgage, call Trinity Financial on 020 7016 0790.

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