- £700,00 raised to repay Bank of Scotland for clients in late sixties
- Flexible equity release mortgage with the option to avoid compounding interest by making overpayments
- Low 2.43% interest rate with cash reserve facility
Our clients asked for help to repay their existing interest-only mortgage, which was coming to the end of its term. When they purchased their large property they were higher earners but they had semi-retired. Over the years their property had increased in value so they had lots of equity but they were not ready to move house or downsize.
How did we help?
Trinity's specialist adviser arranged a lifetime mortgage to repay their existing mortgage ensuring they did not have to sell their home. After assessing their financial situation and researching the overall mortgage market to check which products would be most suitable, he recommended an equity release mortgage with the option of making overpayments to avoid the compounding of interest.
What was the rate?
A 2.43% fixed rate. The overall cost for comparison is 4.3%.
What were the early repayment charges?
The early repayment charges were linked to gilt redemption yields between the date the lifetime mortgage completed and the request early repayment charge date. A gilt is a Government security, and several different gilts are available.
Our clients will not have to pay an early repayment if they leave their home because they require long-term care subject to the lender's terms and conditions. If they move property and transfer the lifetime mortgage there may not be charges but the new home must be accepted by the lender.
Call Trinity Financial on 020 7016 0793 to secure a mortgage and speak to our equity release specialist Jed Newton or book a consultation with him.
This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.
CHECK THAT THIS MORTGAGE WILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR YOU WANT YOUR FAMILY TO INHERIT IT. IF YOU ARE IN ANY DOUBT, SEEK INDEPENDENT ADVICE.
There will be a fee for mortgage advice. The precise amount will depend upon your circumstances but we estimate that it will be £495 at application and £995 on completion of the mortgage.