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Trinity Financial arranged a residential mortgage for a first-time buyer purchasing a property above a pub in London.    

Case details and solution

Many mortgage lenders are not happy to lend against property located above commercial properties. Although, Trinity has access to one large lender happy to consider lending subject to the valuers comments.

As the property was in a nice area and the flat was well presented, securing a mortgage was not a problem. 

Property: Flat valued at £525,000 in London.

Mortgage loan amount and rate: £475,000 taken on a two-year fixed rate at 4.29%. After two-years the mortgage reverts to the lender’s standard variable rate currently 4%.  

Lenders arrangement fee: £999 and added to the loan.

APR: The overall cost for comparison is 4.2%.

Term: 35 year term.

Repayment type: Full capital-repayment mortgage.

Loan-to-value: Approximately 90% of the property value.

Early repayment charge: For the first two-years of the mortgage.

The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.

To secure a mortgage for a property over a pub call Trinity on 020 7016 0790 or email: enquiries@trinityfinancialgroup.co.uk

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