Our client requested a £1 million split interest-only and capital repayment mortgage to purchase a family home in Clapham.
As he works for one of the top law firms, he receives large bonuses and he required a lender that was happy to accept a mixture of income types.
Borrowed £1 million to put towards the £1.4 million purchase price.
Property: Four bedroom house in Clapham.
Mortgage rate: A three-year tracker rate at 3.29% - taken over a 25 year term.
Reversion rate: 4.99%
Lender''s arrangement fee: 0.5% of the loan amount.
Loan-to-value: Approximately 70% of the property value.
APR: The overall cost for comparison is 4.7%.
Repayment type: Mixture of interest-only and capital repayment, this ensures the mortgage is being repaid. Funds on account to be managed by the bank: £150,000.
Early repayment charges: None.
Trinity can help: If you would like help to secure a leading mortgage rate call us on 020 7016 0790.
June 5, 2013