£1.5 million product transfer mortgage for dentists sticking with their existing lender

What was the situation?

Trinity Financial recently arranged a product transfer mortgage for our clients. Their fixed rate was due to finish, and they wanted a new deal to avoid the standard variable rate.

They were referred to us by their friend, so we did not set up their initial mortgage. They had contacted their bank to find out the existing customer rates they were offering to stay, and when they found out, they were not happy. Despite carrying out a major refurbishment on their home, the mortgage they were offered was expensive and not in line with market expectations.

They thought their property was worth around £2.25 million, and their mortgage was £1.5 million. 

How did we help?

When our clients came to us, they planned to switch lenders to secure a better rate. However, once our broker reviewed their finances and understood that they had changed their business's company structure, he told them a mortgage with a rival bank would be harder to obtain. 

Most banks and building societies offer their existing mortgage customers new deals but do not always explain that if you have made home improvements, you can request the property to be revalued. 

Once our client discovered this often-underused criteria, our broker instructed the reinspection, which needed to be paid for. The valuer returned with an improved property price, which meant they had access to 30 per cent deposit mortgages rather than the significantly higher 5 per cent deposit rate they were being offered.

The product transfer mortgage application was accepted on a two-year fix so they could give their company finances time to develop and reassess the market sooner rather than later. 

Lending solutions with Trinity Financial

Are you looking to remortgage and need expert advice? We’re here to help you find a solution – no matter how complex your circumstances.

At Trinity Financial, 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