Trinity Financial recently arranged a mortgage for two married couples moving in together and purchasing a large family home.
They had both sold their existing properties to generate a large deposit and found a new house in a great location with lots of land.
Our clients asked for help to find a lender happy to use four incomes on a mortgage application. One borrower was self-employed, and the others were employed.
They were in a hurry to purchase the property because there was a six-week completion deadline. They had a 20% deposit.
Trinity’s broker contacted a challenger bank offering great rates, larger loans and generous acceptance criteria.
The lender was happy to take all four incomes to secure the £1 million mortgage using an income multiple of five times salary.
Our clients originally tried to arrange the mortgage themselves, but the application was declined by another bank.
The mortgage was on a full capital repayment basis and there was a facility to overpay 10% of the loan amount per annum without charge. The offer was produced within ten days.
Property type: Six-bedroom house
Rate: 2.09% for two-years
Reversion rate: The bank’s standard variable rate, currently 4.25%.
The overall cost for comparison is 4% APRC representative.
Lender’s arrangement fee: £999
Mortgage term: 34 years
Repayment type: Full capital repayment
Early repayment charge: 2% of the loan in year 1, 1% in year 2.
Overpayments: 10% per annum
Representative example: A mortgage of £1,000,000 payable over 34 years, initially on a 2.09% fixed rate for 24 months and then on a variable rate of 4.25% for the remaining 32 years, would require 24 monthly payments of £3,429.56 followed by 384 monthly payments of £4,567.38. The total amount repayable would be £1,840,999 and a £999 arrangement fee. The overall cost for comparison is 4% APRC representative.
The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.
Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation