Part interest-only and part capital-repayment second home mortgage for family moving to Devon
Trinity Financial recently arranged a large part interest-only and part capital-repayment mortgage for a family relocating to Devon.
The family had decided to move away from London to be closer to the sea and have a better quality of life. The couple wanted us to find them the most competitively priced deal on interest-only to minimise their monthly outgoings.
They needed a mortgage of just over £1.1 million to purchase a £1.4 million property.
Did they have a complex situation?
They had found a house to purchase but already had a property in Surrey. One of the applicants worked in London, so they wanted to keep their residence until the family settled into their new home and their new working arrangements were sorted out.
How much of the mortgage was interest-only?
Our adviser researched the market to find a lender with the most competitively priced two-year fixed rate available on interest-only.
He secured 75% of the £1.15 million mortgage interest only, with the remaining five per cent on interest only. The borrowers had a 20% deposit.
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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