Our clients asked for help to secure a mortgage on a large house with a commercial element and complex title structure.
The main applicant was a private jet pilot and he was paid in US Dollars. He contacted Trinity after another broker failed to find a suitable mortgage.
The vendor and estate agent were actively chasing the clients to get the purchase completed as quickly as possible.
As the client was paid in a foreign currency and the property was laid out over three floors, with commercial units, the choice of lenders was limited.
Although the situation was more complex than normal, our broker managed to find a large lender willing to offer terms and a very low fixed rate.
Trinity’s broker liaised with the estate agent, solicitor and the bank’s senior managers to ensure an offer was produced and the purchase could complete
Property location: Essex
Rate: 1.69% fixed until 30 September 2019
Reversion rate: The bank’s standard variable rate, currently 3.69%.
The overall cost for comparison is 3.26% APRC representative.
Lender’s arrangement fee: £999
Mortgage term: 18 years
Repayment type: Full capital repayment.
Early repayment charge: 2% until 30 September 2018, then 1% until 30 September 2019.
Overpayments: Up to 10% per annum without charge.
Representative example: A mortgage of £625,000 payable over 18 years, initially on a fixed rate for 26 months at 1.69% and then on a variable rate of 3.69% for the remaining 23 years, would require 26 monthly repayments of £3,357.92 followed by 190 monthly repayments of £3,892.19. The total amount repayable would be £827,617.02 made up of the loan amount, plus interest (£201,822.02) and fees of £999. The overall cost for comparison is 3.26% 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 a mortgage.