Assignable contract mortgage for £445,000 new build purchase
Trinity recently secured an assignable contract mortgage for a first-time buyer purchasing a new build flat.
After renting for some time, he decided to purchase a flat after his parents agreed to gift him a substantial deposit.
As the property was originally bought off plan and was remarketed by another developer, he needed a specific reassignment mortgage.
Solution
Most of the banks and building societies do not like reassignment of contract mortgages, although there a couple of lenders offering terms.
Trinity approached a bank providing low rates with flexible acceptance criteria. It has a track record of producing fast mortgage offers, enabling clients to complete quickly.
As our client was concerned about rates rising in the future, he locked into a fixed rate mortgage.
The bank also has an impressive retention policy ensuring customers can access new deals when their rates expire.
Case details
Property: Flat in London
Value: £445,000
Mortgage: £120,000
Rate: 1.99% fixed until 30 June 2019
Reversion rate: 3.49% over the BBBR rate, currently 3.74%.
The overall cost for comparison is 3.5% APRC representative.
Lender’s arrangement fee: £999
Mortgage term: 15 years
Repayment type: Full capital repayment
Loan-to-value: 27%
Early repayment charge: Early repayment charges until 01 December 2019.
Overpayments: Up to 10% per annum without charge.
The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.
To secure an assignable contract mortgage call Trinity Financial on 020 7016 0790.
Get started today
Speak to one of our mortgage experts. Book an appointment to come and see us or request one of our experts to call you.
