A London-based estate agent required help to find a lender willing to take 100% of his commission payments into consideration for a mortgage.
Working as an estate agent, up to 50% of his salary was generated through property sales and his salary fluctuated.
Many of the banks and building societies will take 50% of commission income into consideration when working out how much they will lend. Although, providing clients have a track record of receiving the payments there are lenders willing to help.
Our expert mortgage adviser approached a large high street bank with low mortgage rates and fast processing times. He submitted the application on receipt of the clients completed fact find and identification documents.
Property: Four bedroom house in London
Rate: 2.19% fixed until 30/09/2017
Reversion rate: Standard variable rate currently 4%
Lenders arrangement fee: £995
Mortgage term: 35-year term
Repayment type: Full capital repayment mortgage
Early repayment charge: 2% before 30/09/2016 and 1% until 30/09/2017
Overpayments: Up to 10% of the outstanding balance can be repaid per year without charge.
The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.
For help to secure a commission income mortgage, call Trinity on 020 7016 0790.