£1 million porting mortgage application agreed for client moving home part way through five-year fix
Key features:
- £1 million porting mortgage to transfer 1.59% rate
- Mortgage offer on new property produced within two weeks
- Self-employed limited company director
Our clients
After arranging a five-year fixed rate for our clients two-year years ago, they decided to move home. They had a £1 million mortgage with HSBC with high early repayment charges and wanted to take it with them to their new house.
The main income earner was a limited company director and had healthy trading figures. Once they had sold their family home and repaid the mortgage, they had to pay the early repayment charges upfront and complete the new purchase within six months to get the exit penalty costs back.
How did we help?
Trinity’s broker submitted an application to HSBC providing the clients up to date accounts and details of the new property. Once the application had been approved and the valuer was happy with the property, the offer was produced. Providing the client completed his new purchase within six months they would receive the exit fees back.
What was the rate?
A 1.59% rate fixed until 31/01/2025, and after the fixed period, it reverted to the bank's 3.59% standard variable rate. The overall cost for comparison is 2.4% APRC. The arrangement fee was £999, and early repayment charges applied.
Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation
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