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Trinity Financial recently helped a client to secure a £1.5 million interest-only mortgage.

He instructed us to find a lender providing large mortgage loans for those with complex incomes.

As the director and owner of a large firm, he had retained profits and wanted to use the money to borrow up to five times salary. He wanted to keep his monthly payments as low as possible.

He had an offer accepted to purchase a new build property and was under pressure from the estate agent to complete quickly. 

Solution

Trinity's broker contacted the high net worth team at a bank providing large loans without providing assets under management. They assessed his overall situation and agreed to use the retained profits from his business for affordability purchases.

The sale of the property was used as the interest-only repayment vehicle and a mortgage offer was produced within two weeks.

He qualified for a sub-2% two-year fix and the full loan size he required.

Case details

Property type: New build house

Value: £2,000,000

Mortgage: £1,500,000

Rate: 1.89% until 31 July 2021

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

The overall cost for comparison is 4.89% APRC representative.

Lender’s arrangement fee: £1,999

Mortgage term: 25-years

Repayment type: Full interest-only

Loan-to-value: 75%

Early repayment charge: 3% until 01/8/2019, 2% until 31/07/2021

Overpayments: 10% per annum allowed

Representative example: A mortgage of £1,500,000 payable over 25 years, initially on a 1.89% fixed rate until 31 July 2021 and then on a variable rate of 5.20% for the remaining 23 years, would require 24 monthly repayments of £2,362.50 followed by 276 monthly repayments of £6,500. The total amount repayable would be £3,354,534 made up of the loan amount plus £1,850,700 interest and £1,999 arrangement fee. The overall cost for comparison is 4.89% 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 large interest-only mortgage

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