A senior partner in an international law firm was recommended to me by an existing client.
He wanted to explore remortgage rates on his main residence in North London which was worth approximately £2.75 million and had a £2 million mortgage on it. The property was currently mortgaged on a floating rate but he decided that now would be a good time to take advantage of low rates and secure it on a fixed rate for five years.
The situation was more complex than usual as he worked for a law firm that transacts globally, resulting in him being paid in dollars and taxed in the UK as well as other jurisdictions. He also had another property in the background that he maintained.
At this level of borrowing there aren’t many banks offering fixed rates, especially competitive rates fixed for the longer term, such as 5 years.