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Trinity Financial recently arranged a remortgage for a client living in a Grade 1 listed manor house set within the grounds of a medieval castle.

The client was a 77-year-old professional landlord who has been a client of Trinity’s for ten years. He wanted to raise a mortgage of £500,000 against a property value of £1.15 million to continue extending his buy-to-let property portfolio.

The challenge was threefold – the lender had to be comfortable with his income being derived solely from a residential investment portfolio, the nature and location of the property, and our client's age.

Trinity's broker approached a building society with a reputation of accepting unusual applications. After the case was submitted to the lender's credit committee, they agreed to provide the full £500,000 mortgage on an interest-only basis over eight years. This took the applicant to the age of 85 at maturity of the loan.  

Case details

Value: £1,150,000

Mortgage: £500,000

Rate: 2.65% fixed rate for two years.

Reversion rate: The bank’s standard variable rate currently 4.49% for three years, followed by a higher standard variable rate of 6.14%.

The overall cost for comparison is 4.70% APRC representative.

Lender’s arrangement fee: £1,999

Mortgage term: 8 years

Repayment type: Interest-only

Loan-to-value: 44%

Early repayment charge: No early repayment fee apart from £150 final charge.

Overpayments: Unlimited overpayments

Representative example: An interest mortgage of £500,000 payable over 25 years, initially on a 2.65% fixed rate for two years and then on a current standard variable rate of 4.49% for 3 years, followed by three years at 6.14%. They would require 24 monthly repayments of £1,108.14, followed by 36 monthly repayments of £1,877.58 and 36 monthly repayments of £2,567.55. The total amount repayable would be £690,054,04 made up of the loan amount, plus interest (£186,620.04) and £1,999 (product fee), £150 (final repayment charge), £35 (completion fee). The overall cost for comparison is 4.7% APRC representative.

Call Trinity Financial on 020 7016 0790 to remortgage a grade 1 listed property

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