£470,000 second home interest-only mortgage on tracker rate without exit fees
Key features:
- £470,000 mortgage to purchase £800,000 property by the sea
- Second-home mortgage without early repayment charges
- 1.69% two-year tracker rate
Our clients
Our client asked for help to arrange a second home mortgage to purchase a property by the sea. He wanted a rate without early repayment charges, so he could sell his existing house if he wanted to without paying a large exit fee. He was employed and required a four times salary income multiple.
How did we help?
Trinity’s broker submitted the application to a bank offering cheap two-year tracker mortgages without early repayment charges. The rate would allow him to make lump sum overpayments and reduce the outstanding balance. The mortgage was arranged on an interest-only basis to minimise his monthly payments. The offer was produced in ten working days.
What was the rate?
A 1.55% rate fixed until 31/01/2026, and after the fixed period it reverted to the bank's 3.59% standard variable rate. The overall cost for comparison is 3% APRC. The arrangement fee was £999, and early repayment charges applied. The mortgage had a 35-year term.
Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation
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