£400,000+ interest-only remortgage for bank worker declined by large lender
Key features:
- £430,000 remortgage
- 1.19% fixed rate
- Switching to interest-only from capital repayment
Our client
Our client worked for a large high street bank and he wanted to switch from his full capital repayment mortgage to interest-only. He planned to lower his monthly payments and make lump some overpayments.
Why was it difficult?
He submitted his application to another lender, but the bank said they had lent on too many of the properties in his block of flats and they were overexposed.
How did we help?
Trinity's broker contacted some of the lenders offering the most competitively priced interest-only rates and asked them to check if they could lend against the property before applying.
He found a large building society offering incredibly low rates for borrowers remortgaging that had recently re-entered the interest-only market. The lender checked the address of the property and they were keen to lend.
What was the rate?
A fixed-rate of 1.19% for 24 months. The rate reverts to the lender's standard variable rate of 3.59%. The overall cost for comparison is 3.4% APRC. The arrangement fee was £1,499 and early repayment charges apply for the full fixed rate term. The mortgage had a 25-year term.
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