Case details and solution Our client received a regular salary although his bonus payments made up the majority of his pay. He wanted us to approach a lender that was comfortable with his remuneration package while offering best buy rates.
Property: House in central London valued at approximately £4,000,000.
Mortgage rate and loan amount: Approximately £1,600,000 taken on a two-year fixed rate at 1.79% over a 20 year term. After the fixed rate, the mortgage reverts to 3.39% over the Bank of England base rate for the life of the loan.
Lenders arrangement fee: £1,999 and added to the loan amount.
APR: The overall cost for comparison is 3.7%.
Repayment type: Interest-only mortgage.
Loan-to-value: Approximately 45% of the property value.
Early repayment charge: 3% for two-years. This mortgage has the facility to make 10% overpayments each year.
The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.
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