Trinity Financial recently arranged a residential remortgage for a couple releasing funds to complete the refurbishment work on their property.
They were approaching the end of their existing fixed-rate and wanted to borrow the maximum amount possible while securing another competitively priced mortgage.
Their application was tricky because the clients required a lender to offer 90% loan-to-value of £725,000 at a sensible rate.
Even though there is a limited number of lenders providing capital raising at 90% loan-to-value, Trinity Financial had access to an exclusive product suitable for our clients.
The two-year fixed-rate product enabled them to borrow over £70,000 taking them up to 90% loan-to-value.
The mortgage was on a full capital repayment basis with the term up to the applicants 75th birthday.
Property type: Four-bedroom house
Rate: 2.29% 31 October 2021
Reversion rate: The bank’s standard variable rate, currently 4.25% until 31 October 2024 and the 4.99% for the remaining term.
The overall cost for comparison is 4.5% APRC representative.
Lender’s arrangement fee: £995
Mortgage term: 28 years
Repayment type: Full capital repayment
Early repayment charge: 2.5% before 31/10/20 followed by 1.5% before 31/10/21
Overpayments: 10% per annum
Representative example: A mortgage of £653,000 payable over 28 years, initially on a 2.29% fixed rate until 31 October 2021 and then on a variable rate of 4.99% for the remaining 26 years, would require 27 monthly repayments of £2,601.75 followed by 35 monthly payments of £3,244.79 and then 279 payments of £3,483.24. The overall cost for comparison is 4.5% 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