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Trinity Financial recently arranged a £500,000 residential remortgage to help a client pay off his buy-to-let loan.

After speaking to an accountant, he decided to restructure his finances and pay off the buy-to-let mortgage by raising money against his unencumbered residential property. Once our broker understood his financial situation, he recommended an offset mortgage because he had cash in the bank earning minimal interest.

The application was submitted to a large building society with a reputation of providing impressively priced rates with an offset facility. The lender was happy the funds would be used to pay off another mortgage and provided a free property valuation. The mortgage offer was produced within ten working days.

Once the mortgage completed and the offset account was opened, our client transferred his savings into the linked account to reduce his monthly repayments.

After the buy-to-let tax changes were announced, Trinity's brokers have arranged more mortgages for landlords raising funds to pay off their buy-to-let debts.

Case details

Value: £1,500,000

Mortgage: £500,000

Rate: 1.69% fixed rate until 31/03/2021

Reversion rate: The lender’s standard variable rate currently 4.99% until 31/03/2021. Followed by 4.99% until 31/03/2014 and then 4.74% for the remaining term.

The overall cost for comparison is 4.27% APRC representative.

Lender’s arrangement fee: £999

Mortgage term: 20 years

Repayment type: Full capital repayment

Loan-to-value: 33%

Early repayment charge: 2% until 01/04/2019 and then 1% until 01/04/2020.

Overpayments: Offset facility

Representative example: An interest mortgage of £500,000 payable over 20 years, initially on a 1.69% fixed rate until 31/03/2014 and then on a standard variable rate (currently 4.19%) for the remaining 18 years, would require 24 monthly repayments of £2,456.67 followed by 36 monthly repayments of £3,212.17 and 180 payments of £3,159.50. The total amount repayable would be £744,882.63 made up of the loan amount, plus interest (£243,308.20) and £999 (product fee), £200 (final repayment charge), £8 (completion fee). The overall cost for comparison is 4.27% 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 an offset mortgage

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