£750,000 remortgage for busy couple switching to interest-only to reduce costs
Trinity Financial’s existing customers asked for help refinancing to a new lender and switching their mortgages to interest-only. They were keen to reduce their monthly outgoings.
They were approaching the end of their fixed rate, and the new rates were significantly higher. To offset these costs, they wanted an interest-only mortgage with the option of making overpayments.
Their current mortgage was approximately £750,000, and the property value was just over £1.1 million. They also wanted the most competitive rate.
One of our clients was a doctor who worked for the NHS and received additional income from private practice. Their partner worked in the financial sector, which meant they received a mixture of sole trader accounts and PAYE income.
Their current mortgage was £750,000 and the property value was just over £1.1 million.
How did Trinity Financial help?
As our broker arranged their last mortgage, he checked to see what their existing lender was offering them to stay and whether they would switch them to full interest-only.
After confirming the lender would not offer a 65% loan-to-value mortgage on interest-only he checked their other lenders based on their pricing. He discussed with the clients if they would like a two-year or five-year fix, and they confirmed that they wanted the lowest rate and payment security. They did not want to refinance again in two years’ time.
We found a lender offering an exclusive rate available through selected brokers who are authorized to trade through our mortgage network, PRIMIS, and we submitted the application. The bank also accepted 10% overpayments per annum without charge.
We secured the rate four months before their existing mortgage on the condition we would switch rates if a lower one became available.
Lending solutions with Trinity Financial
Are you looking to remortgage and require 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.
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