skip to main content

Request a call back

Leave your contact details and one of our expert advisers will call you back shortly.

You can also complete our mortgage questionnaire for a more accurate initial response.

Please note, by submitting this information you have given your agreement to receive verbal contact from us to discuss your mortgage requirements.

Menu

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.

Solution

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.

Case details

Property type: Six-bedroom house

Value: £1,900,000

Mortgage: £1,000,000

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

Loan-to-value: 80%

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

Get in Touch

Get in touch

To arrange a meeting with one of our expert mortgage advisers complete our enquiry form and we will call you back. Please note, by submitting this information you have given your agreement to receive verbal contact from us to discuss your mortgage requirements.

Need some advice today?

Book a Consultation Mortgage Questionnaire