Securing a higher loan to value mortgage for a £1 million plus mortgage can be difficult, especially as many lenders prefer borrowers to put down at least a 25% deposit in order to access a larger loan.
Our client wanted to purchase a new home in Surrey for his family to live in and asked us find a lender willing to help.
He had a 17% deposit and also preferred to have no early repayment charges.
Trinity approached a niche building society specialising in mortgage loans for borrowers with smaller deposits.
The society was happy to lend the client over £1 million as he had a good track record of income while working at a multinational company based in London.
Property: House in Surrey
Value: £1.3 million
Mortgage: £1.1 million
Rate: 3.89% discounted rate for two years. There is a 2.19% discount from the lenders standard variable, which is currently 6.08%.
Reversion rate: The lenders standard variable rate, currently 6.08%.
Lenders arrangement fee: £5,465 product fee added to the loan amount.
Mortgage term: 25 years
Early repayment charge: A redemption admin fee of £150 is payable.
The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.
Call Trinity on 020 7016 0790 to secure a low deposit mortgage.