10-year fixed-rate mortgage with free get-out after 5 years

Area
Staffordshire
Capital Raised
£300K

For borrowers who are happy to stay where they are, a long-term fixed rate mortgage gives certainty, and can look increasingly attractive as rates go up over time. Plus it saves the effort (and the cost) of chopping and changing.

The Scenario

Six months earlier we arranged a bridging loan for these clients to buy a very attractive Grade II-listed farmhouse outside Wolverhampton, complete with barns and masses of potential. But dilapidated (and unmortgageable).

Now the essential refurbishments were nearing completion and the house was in a mortgageable condition they came back to us to arrange their exit with a lower-cost, long-term mortgage.

The Solution

This is a property they’ve invested a lot of time and effort in – it’s going to be their family home, so they were happy to commit to a long-term fix and save the re-valuation and product fees of arranging another mortgage in two or five years’ time.  

We found them a 10-year fixed rate at 2.35%, which compares very favourably with a current 5-year fix of 1.99%.

And what was even more attractive about this product was that the Early Repayment Charge (ERC) only applies for the first five years. (Most lenders aren’t prepared to be that generous when committing to a long-term rate.)

After that time, if rates are looking better elsewhere our clients can cancel without penalty charges. Or, if rates have risen, they can stick with this low rate for the full 10 years.

Jack Spillane

Finance Broker

Bristol

0117 959 5094

Is your situation similar to this? I specialise in helping clients who need creative development finance solutions, and second-charge mortgages. Give me a call any time and we can set up a detailed discussion of the finance you need.

Mathew Phillips

Finance Broker

Bristol

0117 959 5094

Are you in a similar situation? I specialise in bridging finance at Clifton Private Finance - I will find you the best funding solution for your property transaction.

Alex Chambers

Senior Finance Broker

Bristol

0117 403 4324

Are you in a similar situation? I am a specialist in residential and investment property finance for UK and international clients at Clifton Private Finance. Please don't hesitate to get in touch for a no-cost discussion of the finance you need.

Luther Yeates

Senior Finance Broker

Bristol

0117 244 5561

Are you looking for a similar type of property finance? I have extensive experience finding residential and investment property finance for UK and international clients. Please get in touch and we can arrange a time that's convenient for you to discuss your situation.

Sam ONeill

Senior Finance Broker

Bristol

0117 959 5094

Is your situation similar? I am a bridging finance specialist at Clifton. I can find a quick, cost-effective solution for the funding you're looking for.

Robert Gibb

Senior Finance Broker

Bristol

0117 959 5094

Are you looking for mortgage or short-term finance for residential or buy-to-let property (including HMOs)? I have extensive experience in finding property finance solutions for UK and international clients, both as individuals and limited companies. Please give me a call and let me see what I can do for you.

Adam Arnott

Associate Director

Bristol

0117 205 0214

Is your situation similar to this? I have extensive experience of advising clients who need creative property finance solutions. Please get in touch and we can arrange a time that suits you for a detailed discussion of your requirements.

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