£1.25 million interest-only remortgage agreed without early repayment charges
Trinity Financial recently arranged a £1.25 million rate switch remortgage for one of our clients.
Their property was valued at over £2.5 million, and they worked for an investment company. They wanted a flexible mortgage because they were considering selling their home.
We originally arranged a mortgage for the client on a Bank of England tracker rate in 2021. When the mortgage was initially submitted, the rate was more competitively priced, but recently, it has been less attractive.
How did we help?
The original mortgage tracked the base rate plus a margin of 0.75%, although as the base rate increased, his bank started offering more competitively priced deals to its existing customers. Trinity's broker contacted our client and arranged to swap him to a base rate tracker plus 0.24%.
As part of the rate switch process, he did not need to prove his income again or do another credit check. The new rate did not have early repayment charges, and the switch saved our client around £500 per month.
Speak to the experts
Having someone working to ensure that you have the best mortgage deal in a rapidly changing market is highly beneficial. Working with a quality broker will ensure that you have someone actively looking after your needs rather than just selling you a product and leaving you on that.
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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