£750,000 offset mortgage agreed for CEO of multinational company
Trinity Financial recently arranged a large offset mortgage for a client in the process of remortgaging.
What did they do for a living?
They ran a large multinational company based in London.
Did they have a complex situation?
Our client was keen to secure an offset mortgage and remortgage to use his significant bonuses to reduce the monthly costs and the amount of interest he pays. He was in the process of paying down part of his existing balance with his current lender.
Were they in a rush to complete?
No, he wasn't. He is planning to complete the mortgage early next year.
Why did they need our help?
Although there are not many lenders offering offset mortgages anymore, our client wanted to ensure he got the best Offset product on the market.
Did we struggle to find a lender?
Our broker submitted a mortgage application to a building society that offers offset mortgages with competitive rates. Initially, the application was declined until our brokers contacted the lender and explained what he did for a living and how much he earned. He also had a copy of his credit report, which showed no adverse credit.
Was the mortgage on interest-only?
Interest-only. Matching the existing mortgage term.
Was the rate particularly good?
It's acceptable at just over 4.80%, but given that the aim is to have savings in his offset account, he would actually be paying less interest each month than some of the top non-offset rates available on the market.
Where did they get our details from?
They found our website.
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The information contained within was correct at the time of publication but is subject to change.
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