£1.5 million buy-to-let remortgage for investment banker
One of our investment banker clients approached us after their fixed rate buy-to-let mortgage came to an end and they reverted to their lenders standard variable rate.
Case details
In order to ensure that they did not pay the higher reversion rate, Trinity approached one of the leading banks offering mortgages over £1 million and they agreed the deal in principle.
Property: Flat in central London valued at £2.4 million.
Mortgage rate and loan: Approximately £1.2 million on a two-year fixed rate at 3.19% over taken over a 10-year term. The reversion rate is 4.50%.
Lender's arrangement fee: 0.5% of the loan amount – so just over £6,000. This can be added to the loan amount.
APR: The overall cost for comparison is 4.3%.
Repayment type: Interest-only.
Loan-to-value: Approximately 50% of the property value.
Early repayment charges: 2% in year one and 1% in year two.
Trinity can help:
If you would like help to remortgage your buy-to-let mortgage, call us on 020 7016 0790 or email enquiries@trinityfinancialgroup.co.uk
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