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Case details

After finding Trinity’s contact details via a Google search, our client asked for help to secure a £700,000 mortgage to buy a country house in Gloucestershire.

As he was living in rented accommodation and his offer had been accepted, he wanted a mortgage agreed as quickly as possible.

He received a generous basic salary but a large part of his income was through a profit related scheme. He also required us to find a lender happy to accept his bonus income.

Solution:   

We approached a bank with low mortgage rates and fast processing times.

They were willing to accept up to 50% of any bonus income and were happy to lend if clients have profit related pay.

As the property was older and in a rural location, we also asked our buildings insurance specialist to provide a thorough insurance policy to ensure they were fully protected.

Property: Large country house in Gloucestershire

Value: £925,000

Mortgage: £700,000

Rate: 2.19% fixed until 31/07/2018

The overall cost for comparison:  3.6% APR

Reversion rate: Standard variable rate - currently 3.99%

Lenders arrangement fee: £995

Mortgage term: 22-year term

Repayment type: Full capital repayment

Loan-to-value: 75%

Early repayment charge: 3% before 31/07/2017 and 1% until 31/07/2018

Overpayments: Up to 10% of the outstanding balance can be repaid without charge each year using the balance as at the 1st January.

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

If you would like help to buy a country house, call Trinity on 020 7016 0790.

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