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Trinity Financial recently arranged a remortgage with capital raising for a couple to provide them with the funds to purchase a pied-à-terre in central London.

Our clients worked for a bank in the city and wanted to reduce the commute by buying a property to stay in during the week.

As they had a smaller mortgage on their home, they wanted to raise £400,000 in cash and refinance their existing £200,000 deal onto a cheap five-year fixed rate.

Solution

Trinity’s broker contacted a lender offering leading five-year fixed rates and flexible terms to provide large lump sum cash amounts when remortgaging.  

As the clients wanted to keep their monthly repayments relatively low, we arranged a part interest and part capital repayment mortgage.

The mortgage offer was produced within 10 working days, and once the legal works completed, the clients had the funds in their bank account to purchase the property outright.

Case details

Property type: Flat

Value: £1,100,000

Mortgage: £600,000

Rate: 1.79% until 02/11/2024

Reversion rate: The bank’s standard variable rate, currently 4%.

The overall cost for comparison is 2.6% APRC representative.

Lender’s arrangement fee: £999

Mortgage term: 25 years

Repayment type: Capital repayment

Loan-to-value: 60%

Early repayment charge: 5% of the loan amount until 02/11/2024.

Overpayments: 10% per annum

Representative example: A mortgage of £600,000 payable over 25 years, initially on a 1.79% fixed rate until 02/11/2024 months and then on a variable rate of 4% for the remaining 20 years, would require 62 monthly payments of £2,482.23 followed by 238 monthly payments of £3,028.13. The total amount repayable would be £875,978 made up of the loan amount plus interest £274,593.20 and a £999 arrangement fee. The overall cost for comparison is 2.6% 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

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