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Trinity Financial recently arranged a £1,400,000 mortgage for a client using the income from four of his companies.

He had found a large property to buy and was keen to secure a mortgage because his family were living overseas.

He asked us to find a mortgage where the monthly repayments were as low as possible and most of the loan was on interest-only. He had spoken to a bank and they had sent him terms, but he wanted a larger loan and a cheaper rate.

Solution

Trinity’s broker approached the £1 million+ mortgage team at a high street bank and after discussing the client’s financial situation they agreed to provide an 80% loan-to-value mortgage. 

This meant there was £1,350,000 (75% ltv) of the mortgage on interest-only and £90,000 (5% ltv) on capital repayment.

The bank worked out the maximum loan size using the profits before tax, plus the director's salary.

The lender offered a very competitively priced two-year fix at 2.04% with a £1,999 arrangement fee and the mortgage offer was produced within ten days.

Case details

Property type: Three-bedroom house

Value: £1,800,000

Mortgage: £1,440,000

Rate: 2.04% until 30/11/2021

Reversion rate: The bank’s standard variable rate, currently 5.20%.

The overall cost for comparison is 4.9% APRC representative.

Lender’s arrangement fee: £1,999

Mortgage term: 25 years

Repayment type: 70% interest-only and 5% capital repayment

Loan-to-value: 75%

Early repayment charge: 3% of the loan in year 1, 2% in year 2.

Overpayments: 10% per annum

Representative example: A mortgage of £1,440,000 payable over 25 years, initially on a 2.04% fixed rate for 25 months and then on a variable rate of 5.20% for the remaining 23 years, would require 25 monthly payments of £2,686.74 followed by 275 monthly payments of £6,385.79. The total amount repayable would be £3,174,845 and a £1,999 arrangement fee. The overall cost for comparison is 4.9% 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 or book a consultation 

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