Home movers seeking to upsize to a £1.55m property with £1m mortgage.
Broker expertly negotiates waiver of early repayment charge.
Clients enabled to move home and remain in their desired location.
Our clients were home movers who had sold their property in Clapham and were looking to upsize and move closer to a good school whilst remaining within the area. The purchase price of their new home was £1.55m and they were seeking a mortgage of £1m.
What was needed?
The clients needed to complete before the end June to take advantage of the Stamp Duty holiday. Also they wished to ‘port’ their existing mortgage deal on their current property by transferring it to their new home.
What was the challenge?
The lender declined to port their existing mortgage as there was only one month remaining on the deal which expired in July, which meant the clients would be liable for a significant early repayment charge (ERC). This is a penalty a lender may charge if you pay off the whole loan too early.
How we provided the solution
Mike Brooker, Associate Director, approached the lender and he was able to negotiate an allowance for the fees to be waived if the client took a new mortgage with same lender.
The clients were overjoyed with the outcome as they can now progress with their important house move.
What was the rate?
The rate was 1.59% fixed for 5 years.