Parents remortgage £1.5 million property to gift £850,000 deposit to daughter

Key features:                

• £850,000 remortgage of unencumbered property 
• 0.99% five-year fix  
• Sale of the property used as interest-only repayment vehicle  

Our clients    

Our clients asked for help to refinance their unencumbered property and secure a cheap five-year fix on interest-only.   

Their daughter had agreed to buy a £1 million+ flat in London, and they were releasing cash to gift ready for her completion date. The parents were both accountants and borrowed five times their salary. 

How did we help?   

Trinity's broker approached a leading high-street lender offering one of the cheapest ever five-year fixes. The bank has a leading interest-only policy where up to 50% of the mortgage can be taken on interest-only using the sale of the property of the repayment vehicle. 

The mortgage offer was produced within two weeks, and the lender paid for the property valuation.

What was the rate?         

A 0.99% rate fixed until 02/12/2026, and after the specified period, it reverted to the bank's 3.35% standard variable rate. The overall cost for comparison is 2.4% APRC. The arrangement fee was £999, and early repayment charges applied.    

Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation