- £1 million mortgage agreed with 1.24% two-year fix
- Next time buyers with 25% deposit
- Returning to work from maternity leave income used
Our clients asked for help to source a £1 million mortgage to purchase a property they wanted to buy. They had a £350,000 deposit generated from the sale of their existing home and worked in the finance industry.
Why was it difficult?
The applicants applied for a mortgage at the end of May during with the coronavirus pandemic when many of the lenders had stopped offering higher loan-to-value products and larger loans. The banks and building societies were still working out how to process mortgages with limited staff numbers, often using automated property valuations.
How did we help?
Trinity's broker applied to a leading bank offering 25% deposit mortgages and £1 million+ mortgages. The lender assessed the property using an automated property valuation and provided a five times salary mortgage using one of the applicants return to work salary after recently having a baby.
What was the rate?
A fixed-rate of 1.24% until 30 September 2022. The rate reverts to the lender's standard variable rate of 3.54%. The overall cost for comparison is 3.2% APRC. The arrangement fee was £999 and early repayment charges apply for the full fixed rate term. The mortgage had a 25-year term.
Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation