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Our client had an offer accepted to purchase a four bedroom property in London and was keen to secure a larger loan on a ten-year fixed rate basis.

As he was borrowing £880,000, he was worried about the threat of interest rates rising over the near term and he wanted long term payment security.

He asked Trinity to find a lender offering competitively priced rates and up to five times salary mortgages.

Solution

One of our specialist large loan brokers approached a bank offering some of the lowest ten-year fixes across the market.

The bank provided a free property valuation and a generous mortgage income multiple to ensure he met the lenders affordability requirements.

Case details

Property: House in Surrey

Value: £1,100,000

Mortgage: £880,000

Rate: 2.89% fixed until 31 May 20207

Reversion rate: 3.49% over the BBBR, currently 3.74%.

The overall cost for comparison is 3.23% APRC representative.

Lender’s arrangement fee: £999

Mortgage term: 25 years

Repayment type: Full capital repayment.

Loan-to-value: 80%

Early repayment charge: 6% until 31 May 2024, 3% until 31 March 2027.

Overpayments: Up to 10% per annum without charge.

Representative example: A mortgage of £880,000 payable over 25 years, initially on a fixed rate for 10 years at 2.89% and then on a variable rate of 3.74% for the remaining 15 years, would require 120 monthly repayments of £4,122.89 followed by 180 monthly repayments of £4,372.09. The total amount repayable would be £1,281,723 made up of the loan amount, plus interest (£401,723) and fees of £999. The overall cost for comparison is 3.23% APRC representative.

The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.

To secure a longer term larger loan rate, call Trinity Financial on 020 7016 0790.

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