£1 million remortgage including £200,000 additional borrowing to fund extension plus new kitchen and bathroom
Trinity Financial recently helped our client remortgage after his application to raise additional funds and take his mortgage up to £1 million was refused.
He was partway through his fixed-rate and had early repayment charges, but rather than moving home; he wanted to refurbish his property. He called the large building society his mortgage was with, but they said they would not provide him with any more money based on their affordability calculations.
After being turned down knowing he would have to pay an £8,000 early repayment fee, he approached Trinity Financial for an income stretch and a higher loan-to-value £1 million mortgage.
How did Trinity Financial help?
Our client's existing mortgage was just over £800,000, and he wanted to raise another £200,000 for an extension plus a new kitchen, bathroom and garden makeover.
We needed a lender offering 5.5 times salary multiples and £1 million mortgages at 85% loan-to-value to get the money he required.
Trinity's broker found a lender offering the amount he needed and a competitively priced five-year fix. He had to pay the full £8,000 early repayment fee but justified it by the uplift in his property value once the work was complete.
He paid off some credit card debt before the application to maximise his borrowing, although the lender asked for evidence as his credit report was not updated.
Call Trinity Financial on 020 7016 0790 for help to secure a mortgage or book a consultation