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Trinity Financial recently arranged a £1.4 million mortgage for an investment banker with a complex income structure.

He was paid a sizeable basic salary but his bonus payments were irregular, and he received a mixture of cash and share options at the different times of the year.

Our client had sold his family home and had a large deposit but he was also the primary earner and had school fees to pay.

As the bonus and share payments did not consistently show on his payslips, Trinity’s broker approached the large mortgage loan team at a challenger bank to get the case agreed prior to submission. The bank assessed his overall financial situation.

The bank worked off the figure stated on his last two P60’s rather than the recent payslips, and as it used a generous income multiple for higher earners, it provided the full £1.4 million.

Even though there was a selection of fixed rates with similar pricing, our client locked into a five-year fix for the longer-term payment security.

Case details

Value: £2,300,000

Mortgage: £1,400,000

Rate: 1.99% five-year fix

Reversion rate: The bank’s standard variable rate currently 4%.

The overall cost for comparison is 3.5% APRC representative.

Lender’s arrangement fee: £999

Mortgage term: 23 years

Repayment type: Part interest-only and part interest-only

Loan-to-value: 60%

Early repayment charge: On a decreasing scale for five-years

Overpayments: 20% per year

Representative example: A capital & interest mortgage of £1,400,000 payable over 23 years, initially on a 1.99% fixed rate for five-year and then on a standard variable rate (currently 4%) for the remaining 18 years, would require 60 monthly repayments of £3,230.95 followed by 216 monthly repayments of £5,395.02. The total amount repayable would be £2,511,146 made up of the loan amount, plus interest (£106,172.43) and £999 (product fee), £50 (final repayment charge), £35 (completion fee). The overall cost for comparison is 3.5% 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 using your P60 income

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