A mortgage in conjunction with Oxford University

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Proposition

Amongst our clients are a pair of leading university professors. One of them recently moved to Oxford University.

Our clients wanted to buy a property in Oxford for £700,000 with a deposit of £50,000 and Oxford University offered to provide a second charge of £150,000 on a separate 3% loan.  So they needed to borrow a further £500,000. A private bank that we know well has experience in Oxford of this exact scheme. 

Solution

The bank met the clients, agreed the case and offered excellent terms and service.  The negotiated rate is 1.5% over the bank’s own base rate, giving a 3% payment rate (APR   %* - the overall cost for comparison).  The £500,000 loan is split between capital & interest repayment and interest only, because the clients are happy to use their pension lump sum to reduce the loan accordingly. The bank has agreed that the 15 year term may continue after retirement due to strong teachers’ pensions being in place.

Fees

The clients paid a £2,500 arrangement fee.

 

*APR (the overall cost for comparison) calculation based on a 15 year term, interest only mortgage with £2,500 arrangement fee, legal and valuation fees of £. The actual rate available will depend on your circumstances. Ask for a personalised illustration.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

© Private Finance Limited, 2020. Private Finance provides independent mortgage advice and arranges individual mortgage solutions for clients. Private Finance is a trading style of Private Finance Ltd, 29 Lincolns Inn Fields, London, WC2A 3EG, registered in England no. 3855776 and its Appointed Representatives. Private Finance Limited is authorised and regulated by the Financial Conduct Authority (FCA registration number 310566).

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