£450,000 part interest-only mortgage without early repayment charges 

Aaron Strutt Image

Key features:    

  • £400,000 of £450,000 mortgage on interest-only 
  • 1.49% two-year tracker 
  • Mortgage without early repayment charges  

Our client

Our client was a lawyer looking for a mortgage without early repayment charges on part interest-only to keep his monthly costs to a minimum. He had a 25% deposit.

Why was it difficult?    

While there is a good selection of lenders offering interest-only mortgages many of them have tough qualification requirements and they do not have early repayment free tracker rates.

How did we help?  

Trinity’s broker approached a bank offering some fantastically priced mortgages with a generous interest-only policy. 

To help reduce the monthly costs he arranged the £450,000 mortgage so that £400,000 of the loan would be on interest-only and the remaining £50,000 on capital repayment. They would also use the sale of the property as the repayment vehicle. 

The lender provided a competitively priced two-year tracker rate without early repayment charges ensuring our client could repay the mortgage early and only pay a £225 administration fee. It was also possible to make lump sum repayments to lower the outstanding debt.

What was the rate?    

A variable-rate which is 1.39% above the Bank of England base rate, currently 0.10%, giving a current rate payable of 1.49% for a period of 24 months. This is the same rate for interest-only and capital repayment elements of the mortgage. The rate reverts to the lender's standard variable rate of 3.35%. The overall cost for comparison is 3.2% APRC.

The arrangement fee was £999, there was a free property valuation and there are no early repayment charges.  

Call Trinity Financial on 020 7016 0790 to secure a part interest-only mortgage or book a consultation 

Get Started

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.

Google Reviews
Trustpilot
Book a Consultation Talk to an Expert
As seen in
Sunday Times Telegraph Financial Times BBC News The Express The Times