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Trinity Financial recently arranged a £1.2m mortgage for an IT professional using his vested stock income to boost the maximum loan size.

The client and his partner had found a £1.6 million house they planned to buy and wanted to get the mortgage application progressing quickly.

They asked us to find them an interest-only mortgage with a competitive rate, and they had a 25 per cent deposit.

As one applicant had received vested stocks over the last three years as well as a salary and bonus, he required a lender to use take his overall financial package into account. His partner was paid via PAYE, and the income was used in the joint application.

Most of the banks and building societies are not happy to consider vested stock, but Trinity’s broker found a high street lender happy to take an average of the payments. 

The clients had spoken to a few brokers, but they were happy with the terms we provided and the competitively priced two-year fixed rate.

Case details

Value: £1,600,000

Mortgage: £1,200,000

Rate: 1.69% fixed rate until 31/05/2020.

Reversion rate: The bank’s standard variable rate currently 4.95%.

The overall cost for comparison is 4.65% APRC representative.

Lender’s arrangement fee: £1,999

Mortgage term: 25 years

Repayment type: Interest-only

Loan-to-value: 75%

Early repayment charge: Until 31/05/2020.

Overpayments: 10% per year.

Representative example: A mortgage of £1,237,500 payable over 25 years, initially on a 1.69% fixed rate until 31 May 2020 and then on a variable rate of 4.95% for the remaining 23 years, would require 24 monthly repayments of £1,745.63 followed by 276 monthly repayments of £5,112.93. The total amount repayable would be £2,694,793.69 made up of the loan amount, plus interest (£145,064.69) and fees of £1,999. The overall cost for comparison is 4.65% 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 vested stock income mortgage

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