Ten-year fixed rate for client buying £1.5 million property with five acres of land
Key features:
- £600,000 mortgage for property with five acres of land
- 1.95% ten-year fix
- House and land on separate titles
Our clients
Our clients asked for help to purchase a detached property with five acres of land. After selling their home they had a £900,000 deposit and wanted a flexible lender to offer them a competitively priced ten-year fix.
As the property came with a large barn and stables which were rented out, they required something most lenders offering best buy rates would not consider.
How did we help?
Trinity’s broker suggested the clients purchase the property and land on separate titles because they had such a large deposit. Buying the land with cash would give them the flexibility to use it for commercial purposes or even build another property in the future. If they did build another property, we could also help him recoup his cash by refinancing it onto a buy-to-let.
Most mortgage lenders offering the cheapest rates are not happy to lend if properties have outbuildings or stables and they are generating an income.
What was the rate?
A 1.95% rate was fixed until 30/11/2031, and after the fixed period, it reverted to the bank's 3.59% 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
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