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Our client was approaching the end of their existing fixed rate mortgage and asked for help to secure a competitively priced ten-year deal.

He was keen to get a mortgage offer in place and avoid reverting to his existing lender's standard variable rate.

Solution

Working in the financial sector for a company in London, he earned enough money to meet the lenders 4.5 times income multiple limit.

There is a selection of lenders, particularly building societies, offering impressively low ten-year fixes, but one in particularly has good rates for clients with lots of equity in their property.

The lender also provides a free property valuation and a free legals service, to reduce the cost of remortgaging to another lender.

Case details

Property: House in Surrey

Value: £850,000

Mortgage: £355,000

Rate: 2.59% fixed until 31 March 2027

Reversion rate: The lender’s standard variable rate, currently 4.24%.

The overall cost for comparison is 2.83% APRC representative.

Lender’s arrangement fee: £999

Mortgage term: 15 years

Repayment type: Full capital repayment.

Loan-to-value: 43%

Early repayment charges: 5% until 31 March 2019, 3% until 31 March 2022, then 3% until 31 March 2027.

Overpayments: Up to 10% per annum without charge.

Representative example: A mortgage of £355,000 payable over 25 years, initially on a fixed rate for 10 years at 1.79% and then on a variable rate of 4.24% for the remaining 5 years, would require 121 monthly repayments of £2,388.87 followed by 59 monthly repayments of £2,486,39. The total amount repayable would be £435,750 made up of the loan amount, plus interest (£79,751) and fees of £999. The overall cost for comparison is 2.83% APRC representative.

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

To secure a longer term fixed rate mortgage, call Trinity Financial on 020 7016 0790.

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