£2 million remortgage from 3.99% standard variable rate
Case study
Our client asked for help to switch his £2 million mortgage from his lenders 3.99% standard variable rate.
As there is a lot of choice in the large mortgage loan market and lenders are actively competing to attract wealthier clients, we were confident we could arrange finance quickly.
It is not always necessary for a client to move to another lender, especially as more of the banks and building societies are providing product transfer services.
In order to secure our clients mortgage, we submitted the application and discussed it with a large loan underwriter. We also secured a competitively priced short term fixed rate.
Rate details
Property: Central London
Value: £4,000,000
Mortgage: £2,000,000
Rate: 1.79% fixed rate until 28/02/2018
The overall cost for comparison is 3.7% APR
Reversion rate: Standard variable rate - currently 3.99%
Lenders arrangement fee: £1,200
Mortgage term: 28 years
Repayment type: £2,000,000 on full capital repayment
Loan-to-value: 50%
Early repayment charge: 2.25% until 28/02/2018 and then 1% until 28/02/2018
Overpayments: Up to 10% of the outstanding balance can be repaid each year without charge.
The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.
If you would like help to secure a remortgage a large mortgage loan, call Trinity on 020 7016 0790.
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