£1.5 million remortgage away from private bank to access tracker rate and raise £300,000 for home improvements

by Aaron Strutt

Jan 26 2025

Trinity Financial recently helped two high net worth clients secure a £1.5 million remortgage. They wanted to raise £300,000 to fund home improvements and access an early repayment charge free tracker rate.

The Italian couple wanted to remortgage away from a well-known private bank with which they had been long-term customers to secure a more competitively priced and flexible rate. They planned to make lump sum overpayments using their bonuses.

They had a grade 2 listed home in Bayswater worth just over £3.75 million and wanted their new mortgage to be on interest-only. The couple required a two-times salary income multiple and already owned a buy-to-let property.

How did we help?

After reviewing the mortgage enquiry, Trinity's broker knew the clients would have a good choice of banks and building societies offering £1 million+ mortgages. She just needed to find the lender with the most attractive terms.

She approached one of the largest mortgage lenders offering leading customer service and some of the most competitively priced Bank of England base rate trackers. The bank recently returned to the flexible variable rate market with a range of trackers without early repayment charges.

How long did it take to get the mortgage agreed?

Trinity’s broker spoke to the bank's large mortgage loan underwriter team, and they approved the application over the phone subject to a satisfactory property valuation. Once our client had provided us with the forms and supporting documentation we needed, the property was valued, and the mortgage offer was produced within a very prompt five working days.