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Key features:

  • 1.49% five-year fix
  • £865,000 remortgage
  • Mortgage switched to part interest-only to lower monthly repayments

The client:

Our client was the Head of IT for a multinational company in London and had a large salary. His house was in Surrey and its current fixed rate was due to expire.

What was he looking for? 

He wanted to switch his mortgage from full capital repayment to part interest-only and part capital repayment. He also wanted to remove a partner from the mortgage.

Why was it difficult?

Most of the lenders do not allow 75% of the mortgage to be on interest-only using the sale of a property as the repayment vehicle. 

How did we help? 

Trinity’s broker found a lender to provide £650,000 on interest-only and £215,000 on capital repayment. The monthly payments reduced from over £3,000 to £1,667.

As the client received an annual bonus, he wanted to make lump sum overpayments to reduce the outstanding balance. The lender let him pay 10% of the mortgage each year without charge.

He intended to switch back to full capital repayment to ensure the mortgage would be repaid by the end of the term.

The bank provided a free property valuation and £250 cashback.

What was the rate?

The 1.49% rate was fixed until 02 April 2025, and it had a £1,499 arrangement fee. After the fixed-rate period, the mortgage reverts onto the lender’s standard variable rate, currently 4%, for the remaining mortgage period. The overall cost for comparison is 3.3% APRC.

Call Trinity Financial on 020 7016 0790 to remortgage 

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