Our clients asked for help to remortgage away from a private bank.
They planned to switch their residential mortgage to a buy-to-let as they were relocating and did not plan to live in the property.
As they had been with their private bank for some time and they were paying an expensive variable rate, they also wanted to secure a better mortgage.
The property was in a prime area of London and our clients wanted to keep it as an investment.
Our adviser recommended a buy-to-let lender with a range of fixed rate mortgages that were more competitively priced than this private banks expensive variable rate.
Property: Large house in London
Rate: 2.99% fixed rate until 30/09/2018
The overall cost for comparison is 4.6% APR
Reversion rate: Currently 4.84% - 4.34% over the Bank of England base rate
Lenders arrangement fee: £995
Mortgage term: 25-year term
Repayment type: £800,000 on interest-only
Early repayment charge: Decreasing each year from 5% until 30/09/2016, then 4% until 30/09/2017 and 2% until 30/09/2018.
Overpayments: Up to 10% of the outstanding balance can be repaid each year without charge.
The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.
For help to switch your mortgage onto a buy-to-let call Trinity on 020 7016 0790