- Part interest-only £1.2 million mortgage agreed in seven working days
- Mortgage offer produced before clients could meet with NatWest mortgage adviser
- Five times salary income multiple with rent from buy-to-let's used to boost loan size
- Property had two acres and stables
Our clients asked for help to secure a £1.2 million mortgage to purchase a £1.5 million property they had agreed to buy. As they were keen to move quickly, they called their bank to arrange a mortgage but the next appointment was in two weeks.
The main income earner was a commercial manager who received a large bonus, and his partner was a civil servant. The couple were renting a property in London and required a five-times salary income multiple.
How did we help?
When our broker found out that the client would have to wait two weeks for a mortgage consultation he was confident we could have the mortgage agreed by then.
After discussing the client's financial situation and agreeing NatWest was the best option, he asked for the documentation he had prepared already for NatWest, and the application was submitted that same day.
As we have direct access to the bank's large loan underwriting team, we called to get the mortgage agreed and the valuation instructed. The lender was happy to provide a five-times salary income multiple and use the rental profits generated from their buy-to-let properties.
The offer was issued the day before their meeting with NatWest.
What was the rate?
A 1.39% rate fixed until 31/08/2023, and after the fixed period, it reverted to the banks 3.59% standard variable rate. The overall cost for comparison is 3.3% APRC. The arrangement fee was £999, and early repayment charges applied. The mortgage had a 25-year term.
Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation