£1.2m interest-only product transfer rate switch for city trader
Trinity Financial recently arranged a £1.2 million product transfer for an existing client nearing the end of his fixed-rate.
Working as a city trader a large part of his income is paid in bonuses and he wanted to get a competitively priced two-year fix but remain on interest only.
Did they have a complex situation?
Our client had a large salary, and mortgage affordability was not an issue; however, he had £1.2 million on interest-only, which put him at a 75% loan-to-value ratio. This meant he did not have many competitively priced remortgage options available to him.
He was not planning to move home and had been making lump-sum overpayments to bring down the mortgage balance.
Was the rate particularly good?
He was offered a two-year fixed rate at just over 3.90% with his bank to stick with them and this was a better deal than the one he had before. He opted for the two-year fix because he believed rates would be lower in the near term.
Trinity's broker researched the market and was unable to find a suitable mortgage that offered a more competitive price. He submitted the mortgage rate transfer application when the client confirmed he was happy to proceed.
How long did it take to produce the mortgage offer?
A product transfer mortgage offer is typically issued on the same day as the application is submitted via brokers like Trinity Financial.
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The information contained within was correct at the time of publication but is subject to change.
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