£4.2 million remortgage away from private bank for partner in law firm
Trinity Financial recently helped a partner in a law firm in London to remortgage onto a fantastically low five-year fixed rate of 1.87%.
Her mortgage was with a private bank, and the fixed rate term was about to expire. She wanted to find a competitively priced five-year deal with some of it on interest-only.
She received a monthly draw and a share of the company profits paid in US Dollars.
Solution
When Trinity’s clients ask for help to secure a large mortgage loan, our brokers have a selection of banks to choose from, and they typically have great rates.
We approached a lender with a specialist high-net-worth underwriting team to assess the application, and they worked very quickly to get an approval in principle. It quickly progressed to a formal mortgage offer on a 1.87% fixed rate until 31 October 2024.
The lender agreed to provide her additional funds to pay off a buy-to-let mortgage she owned.
Case details
Property type: Large house
Value: £6,000,000
Mortgage: £4,200,000
Rate: 1.87% until 31 October 2024
Reversion rate: The bank’s standard variable rate, currently 4.24%.
The overall cost for comparison is 3.5% APRC representative.
Lender’s arrangement fee: £995
Mortgage term: 23-years
Repayment type: Part interest and part capital repayment
Loan-to-value: 75%
Early repayment charge: Until 31 October 2024
Overpayments: 10% per annum allowed
Representative example: A mortgage of £4,200,000 payable over 23 years, initially on a 1.87% fixed rate until 31 October 2024 and then on a variable rate of 4.24% for the remaining 18 years, would require 63 monthly repayments of £10,316.16 followed by monthly repayments of £17,089.68. The total amount repayable would be £7,143,583 and £995 arrangement fee. The overall cost for comparison is 3.5% APRC representative.
The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.
Call Trinity Financial on 020 7016 0790 to secure a large mortgage loan or book a consultation
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