Tracker rate mortgage without early repayment charges for economist waiting for a good time to sell home

Our clients asked for help arranging a mortgage that would enable them to sell their property when they wanted, without having to pay high early repayment charges. They planned to move, but wanted to make some home improvements and keep it for longer until they felt it was ready to sell.

What did they do for a living?

One of our clients was a service manager, and his partner was an economist at a large public-sector organisation. 

Did they have a complex situation?

They had reached the end of their existing fixed-rate mortgage and wanted a flexible product. Rather than switch to their lender's expensive standard variable rate, they wanted a mortgage without early repayment charges. Their bank did not offer existing customers flexible mortgages that tracked the Bank of England base rate at a competitively priced rate.

They were planning to be home movers soon, but didn’t want to sell just yet, as they wanted to make sure it was in a more sellable state. 

Were they in a rush to complete?

Our broker initially spoke with his clients early in January, and they set an eight-week deadline to secure a mortgage offer. The application was submitted on 12th January and offered on 20th January.

Why did they need our help?

They wanted a broker to help them, as the situation was complex. One of the applicants had pre-settled Status, and the other was on maternity leave until May 2026.

Did we struggle to find a lender? 

It didn’t take long as we approached a bank offering cheap rates to Foreign nationals.

The lender we recommended offered them a mortgage of 85% of the property's value, which was the amount our clients required. 

Was the mortgage on interest-only or capital repayment? 

• Capital repayment to pay down more of the mortgage.
• They took a 30-year term in case they decided not to move home.

Was the rate particularly good?

They opted for a variable rate, which is 0.54% above the Bank of England Base Rate (currently 3.75%), for 24 months from the date of completion or the date the rate switch becomes effective, giving a current rate payable of 4.29%. It was one of the most competitively priced rates available to them without early repayment charges.

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.

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