
£500,000 transfer of equity divorce mortgage for client keen to stay in family home
Trinity Financial recently arranged a £500,000 mortgage for an existing client going through a divorce.
She was employed and part way through the divorce process, and needed to increase the mortgage to carry out a transfer of equity. She needed the additional funds to buy out her ex-partner and get his name removed from the mortgage and ownership of the property.
Our client required an income stretch and also for her capital repayment mortgage to be switched to interest-only to make the mortgage more affordable in the short term.
Why did they need our help?
This client was extremely keen to stay in their family home. She asked us to find her a lender to offer the required mortgage size and on affordable terms.
Trinity's broker found a lender offering competitively priced rates with generous affordability calculations, willing to provide the full £500,000. After the mortgage application was submitted, the money was offered within a week.
Was the mortgage on interest-only or capital repayment?
Yes, interest only, to help with affordability while the children are young. We will review this at the end of the current five-year fixed-rate product to ensure they have a valid way to repay the debt or to devise a strategy.
Where did they get our details from?
This is an existing client.
Lending solutions with 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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