£620,000 mortgage agreed and existing deal switched to avoid standard variable rate
Trinity Financial recently helped a couple switch to a no early repayment charge rate and secure a fixed deal to purchase a property they had agreed to buy.
This deal was arranged very quickly by Trinity Financial for the couple who were temporarily switching products to avoid paying a more costly standard variable rate.
Their Nationwide fixed-rate mortgage was ending as they found a new property to purchase. Rather than the couple reverting onto the lender’s more expensive reversion rate, Trinity Financial’s broker switched them to a tracker rate. This did not have an early repayment charge.
They had been looking at properties for six months. During this time our broker had discussed the best ways to progress with their mortgage. A main aim was to reduce the costs of early repayment of their existing mortgage while looking into a well-priced longer-term product.
Our broker then submitted an application for their new purchase to another bank offering by far the most competitive market rate.
We used 65% of their bonus income for the new mortgage, which also offered a more generous income multiple. This market-leading five-year fixed-rate mortgage was agreed within just three weeks.
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