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Key features:

  • Mortgage declined by existing lender
  • Raising funds for home improvements
  • Super-cheap five-year fix

The client:

Our clients had come to the end of their fixed-rate mortgage and decided to release equity from the property to fund an extension.

They both worked in London for multinational firms and had good salaries. One borrower received an annual bonus linked to a long-term investment plan. They did not have any credit cards, car finance or personal loans, but had three children.

What were they looking for? 

After hiring an architect to come up with plans to add another bedroom, they applied to their existing lender to swap to a new rate and borrow more money. However, their mortgage lender declined the application because it failed the lender's affordability tests.

Our clients asked for help to secure a low five-year fix and enough money to remortgage and build the extension. They required a 60% loan-to-value mortgage of £700,000 on the £1,200,000 property.

How did we help? 

Trinity’s broker contacted a bank with generous affordability calculations for applicants with children and annual bonuses.

The lender provided the full £700,000 after the borrower submitted the plans for the property and the breakdown of costs.

What was the rate?

An intermediary exclusive fixed rate of 1.54% from completion up to and including 31 January 2025. The rate changes to the lender’s standard variable rate, currently 4.24%, for the remaining mortgage period. The APRC applicable to your loan is 3.5%. 

Call Trinity Financial on 020 7016 0790 to secure a capital raising remortgage

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