- Combined borrowing of £1.65 million to purchase second home
- Interest-only mortgages to reduce monthly payments
- Additional borrowing required through existing lender
Our clients asked for help to raise funds to buy a second home in the country. Like many people with high-pressure jobs, they wanted somewhere with a large garden for their family to visit and escape the city.
Why was it difficult?
The couple planned to release equity in their home to use as a deposit and then secure another mortgage. As they were partway through their fixed rate and did not want to pay early repayment charges, they asked us to apply to their existing lender for additional funding and get another mortgage.
The application was time-consuming because it involved two large mortgages with different lenders at a time when individual lenders are struggling to cope with the demand for property.
How did we help?
Trinity’s broker arranged a £700,000 mortgage with their existing lender on a Bank of England base rate tracker plus 1.4% without early repayment charges. He then secured a second home mortgage on an incredibly cheap rate through a large bank offering best buy five-year fixes.
What was the rate on the new mortgage?
A fixed-rate of 1.43% until 01 November 2025. The rate reverts to the lender’s standard variable rate of 4.34%. The overall cost for comparison is 3.6% APRC. The arrangement fee was £995, and early repayment charges apply for the full fixed rate term.
Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation