£740,000 mortgage for couple buying new build property in Oxfordshire

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What was the situation?

Our clients initially contacted us for expert new-build property mortgage advice.

The couple had found a new build house to purchase through a property developer in Oxfordshire and needed a mortgage. They wanted a flexible tracker rate so they could make lump sum overpayments and potentially switch to a fixed mortgage in the future.  

They had agreed a purchase price of £925,000, and they needed a specific new build mortgage of £750,000.

What was the issue?

The couple worked as sales directors and regularly received bonuses. The plot as the property had not been built yet.

They were keen to secure a shorter-term mortgage where they could make overpayments. They also wanted a lender willing to extend the mortgage offer if the property was not ready on time.

Trinity Financial has years of experience with this type of enquiry and knows what lenders offer mortgages without early repayment charges and flexible options.

What was the process?

After understanding their requirements and assessing the most suitable mortgages, Trinity's broker requested a list of documents from his clients. Once the forms were received, the application was submitted to a large building society with an excellent new-build property policy.

What was the solution and mortgage rate?

Trinity's broker found a lender offering a two-year tracker rate priced around 0.4% over the Bank of England base rate, providing the full £750,000. The whole mortgage was on capital repayment over a 25-year term.

This fixed period meant the clients had a very cost-effective way of financing the property for the foreseeable future. They were also free to switch to another fixed rate in the shorter term as they thought rates would come down. They could also make 10% overpayments each year without charge. 

Mortgage offers are valid for 180 days with the lender, although if there is a delay in the building of new build properties, the completion time may be extended by another 45 days.

New build mortgage lending solutions with Trinity Financial

Are you looking to property a property that has not been built yet and requires expert advice? We’re here to help you find a solution – no matter how complex your circumstances. At Trinity Financial, our expert brokers have extensive experience providing creative solutions to secure mortgages for our clients.

We work closely with our trusted network of private banks and high street and specialist lenders to arrange bespoke mortgages to suit your circumstances. 

Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation 

The information contained within was correct at the time of publication but is subject to change.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage  

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