Case details and solution
As our clients both had a provable income and a track record of employment, we approached one of the lenders offering mortgages through the Help to Buy scheme. We secured one of the lower rates with a competitive reversion rate.
Property: Three bedroom house valued at £550,000 in North London.
Mortgage loan amount and rate: £517,000 taken on a two-year fixed rate at 4.99%. After two-years the mortgage reverts to the lenders standard variable rate currently 4%.
Lenders arrangement fee: £995 and added to the loan.
APR: The overall cost for comparison is 4.3%.
Term: 30 year term – designed to lower monthly repayments.
Repayment type: Full capital-repayment mortgage.
Loan-to-value: 95% 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.
Call Trinity on 020 7016 0790 to secure a low deposit mortgage. You can also email: email@example.com
May 1, 2014