£750,000 interest-only mortgage for first-time buyers keen to minimise their monthly costs
Trinity Financial recently helped two first-time buyers purchase their first home by securing them a competitively priced part-interest-only mortgage.
After finding our details online and calling us, they spoke to one of our advisers and stressed they wanted the lowest possible monthly costs and a long mortgage term.
Were they in a rush to complete?
Yes, they needed a quick process as the seller was moving abroad.
Why did they need our help?
They were keen to ensure they got the lowest possible £750,000 interest-only mortgage and wanted us to search the market for them. They also required a lender with a good reputation and excellent customer service ratings.
Did we struggle to find a lender?
Our broker promptly sourced the most competitively priced five-year fixed rate, priced at just below 4.10%, with a £995 arrangement fee.
After discussing the mortgage application with the lender's larger mortgage loan team, the case was agreed. Once the mortgage was submitted, an offer was produced within seven working days.
Was the mortgage on interest-only or with a longer term?
Part interest-only and part capital repayment over a 30-year term. This way, some of the mortgage was going to be repaid each month rather than staying the same over the mortgage term.
Was the rate particularly good?
Competitive considering the large interest-only element.
Was there anything else unusual?
The couple had a large deposit being gifted to them by their family.
Lending solutions with Trinity Financial
Are you looking to buy a property and require expert advice? We’re here to help you find a solution – no matter how complex your circumstances. Our expert brokers have extensive experience providing creative solutions to secure mortgages for our clients.
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.
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