- £1 million mortgage for couple with 15% deposit
- No track record of receiving bonus income in the UK but large payment due
- 50% of mortgage on interest-only and remaining 35% on a capital repayment
Our clients asked for help to secure a 15% deposit mortgage to purchase a £1.2 million property. One borrower was on an intercompany transfer from the US while his partner was on spousal with less than one year remaining.
One of the clients received a large part of his income through bonuses and he was due to be paid a large bonus in the coming months. The couple were keen to get as much of the mortgage on interest-only as possible and take a longer mortgage term.
How did we help?
Trinity's broker approached a lender offering bespoke mortgages for foreign national clients with complex financial situations. The bank was happy to provide the larger loan as the client has a letter from his company confirming the bonus payment was due, and the lender was also happy with their visa status.
Just over £600,000 of the mortgage was on interest-only and the remaining £400,000 was on capital repayment and the term was 35 years.
Once the clients sent back our application form and provided us with the additional documentation we required including the visas, the mortgage was submitted. The offer was produced within two weeks.
What was the rate?
A 3.31% rate fixed until 31/5/2023, and after the fixed period it reverted to the banks 4.09% standard variable rate. The overall cost for comparison is 4.1% APRC. The arrangement fee was £1,995, and early repayment charges applied. The mortgage had a 35-year term to lower the capital repayments. Up to 10% of the mortgage could also be repaid each year without charge.
Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation