Our client was keen to remortgage away from their current lender in order to secure a cheaper fixed rate.
As their property had increased in value of the last few years, they also wanted to raise additional funds to purchase a buy-to-let property.
Part of the reason they wanted to secure a low fixed rate was due to the elections next year and the uncertainty this could bring to the housing market. They were also keen to retain their interest-only mortgage payments, rather than switching to full capital-repayment.
Trinity approached a mortgage lender with leading mortgage rates and an attractive interest-only policy.
We also raised the additional funds so the client could purchase the new investment property.
Property: Located in south-east London
Loan amount: £450,000
Rate: 2.69% fix until 03/09/2017
Lenders arrangement fee: £995
Mortgage term: 25 years
Repayment type: £300,000 on interest-only and £140,000 on capital-repayment.
Reversion rate: 4.74%
Early repayment charge: 3% of the loan amount until 03/09/2017
The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.
If you would like help to secure a mortgage to purchase a property, call Trinity on 020 7016 0790. You can also email: firstname.lastname@example.org