£1 million part interest-only remortgage away from Barclays Wealth
Case details
Our client was keen to remortgage away from Barclays Wealth in order to secure an interest-only mortgage without lump sum overpayments written into the contract.
As he wanted to keep his monthly repayments down and maintain his interest-only status he asked us to find another mortgage for him.
Solution:
A combination of house price increases and large mortgage overpayments put our client in a position to secure a mortgage with a leading high-street lender.
Trinity approached a bank with an attractive interest-only proposition. They were keen to provide a £1 million mortgage with £700,000 on interest-only and £300,000 on capital repayment.
They were also happy to offer mortgages of up to five-times salary so he comfortably fitted their mortgage affordability calculations.
The bank provided a free property valuation and legals service for remortgages keeping the cost of switching lenders to a minimum.
Property: House in London
Value: £1.4 million
Mortgage: £1 million
Rate: Fixed rate at 2.74% until 02/09/2020
APR: 4.2%
Reversion rate: Lenders standard variable rate, currently 4.74%
Lenders arrangement fee: £995 product fee
Mortgage term: 25 years
Repayment type: Mortgage taken on part interest-only and capital repayment basis
Loan-to-value: 71%
Early repayment charge: 5% if the mortgage is repaid before 02/02/2020.
The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.
Call Trinity to switch to remortgage to another lender on 020 7016 0790.
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