Property purchase completed in eight weeks after fast £1 million interest-only mortgage secured
Trinity Financial recently arranged a £1 million interest-only mortgage for existing clients needing a fast mortgage offer.
They had sold their home, made an offer on another property and moved into rented accommodation. However, after accepting their initial bid, the vendors pulled out and went with other buyers.
Luckily for our clients, the new buyers could not proceed, and the vendors came back to them and even lowered the asking price slightly.
Did they have a complex situation?
Both worked in finance and were employed, so their financial situation was not complex. The couple wanted a competitively priced shorter-term rate on interest-only.
The main issue was that they required a lender offering a competitively priced mortgage to be agreed quickly by a bank with a reputation for issuing prompt mortgage offers.
How did we help?
Trinity's broker approached the high-net-worth lending team at a well-known bank that agreed to the deal over the phone. This was subject to the required supporting documents uploaded to the bank's portal.
The lender also offered full interest-only and competitively priced rates.
Once we had the documentation and confirmation from our client that they wanted to proceed, the bank's Premier Team offered the mortgage in six days.
Our clients appointed their solicitors rather than the ones Trinity typically recommends.
Was the rate particularly good?
Trinity's broker arranged a two-year fixed rate priced at just over 4.6%, with a £999 arrangement fee. Like many borrowers taking a shorter-term fix, they hope to swap to a cheaper deal if and when rates come down.
Lending solutions with Trinity Financial
Are you looking to buy a property and require expert advice? We’re here to help you find a solution – no matter how complex your circumstances.
At Trinity Financial, our expert brokers have extensive experience providing creative solutions to secure mortgages for our clients.
Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation
The information contained within was correct at the time of publication but is subject to change.
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