£350,000 offset remortgage for couple raising funds for property extension
Key features
- Offset mortgage with interest-free access to £120,000 to pay for home extension
- 1.61% five-year fixed rate
- Free valuation and legal fees to reduce the cost of switching banks
Our clients
Our clients were coming to the end of their fixed-rate mortgage, and they wanted to refinance to release £120,000 to fund an extension to their property.
They planned to have access to the money so they could pay for the work, but they had only just submitted the plans to the council and were waiting for approval.
The coupe were directors of a limited company and needed to raise £350,000.
How did we help?
After contacting Trinity Financial and explaining what they wanted to do; Trinity's broker advised them to take an offset mortgage so they would not pay interest on the funds until they needed to pay for the extension. By switching lenders, they also avoided an expensive standard rate and secured a very competitively priced five-year fix.
What was the rate?
A 1.61% rate fixed until 30/11/2025, and after the fixed period it reverted to the banks 3.59% standard variable rate. The overall cost for comparison is 2.5% APRC. The arrangement fee was £999, and early repayment charges applied.
The mortgage had a 15-year term and a free property valuation and legal service to reduce the cost of switching banks.
Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation
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.
