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Our client is the managing director of a London-based finance company and he asked Trinity to secure him a £2.5 million mortgage to purchase a large house in Surrey.

After finding the property, he was in a completion race with another buyer and needed a broker to act quickly and get a fast mortgage offer.

Solution

One of our specialist large loan brokers approached the high-value lending team at a leading bank and arranged a prior agreement to lend.

The case was assigned an underwriter and once the application was submitted with all of the requested documentation the lender promptly instructed the valuation.

The bank regularly helps clients with retained profits and offers a range of low fixed and tracker mortgage rates.

Case details

Property: House in Surrey

Value: £4,000,000

Mortgage: £2,500,000

Rate: 1.79% fixed until 31 May 2019

Reversion rate: The bank’s standard variable rate, currently 4.70%.

The overall cost for comparison is 4.25% APRC representative.

Lender’s arrangement fee: £1,999

Mortgage term: 25 years

Repayment type: Part interest and part capital repayment.

Loan-to-value: 62%

Early repayment charge: 3% until 31 March 2018, 2% until 31 March 2019.

Overpayments: Up to 10% per annum without charge.

Representative example: A mortgage of £2,500,000 payable over 25 years, initially on a fixed rate for 25 months at 1.79% and then on a variable rate of 4.70% for the remaining 23 years, would require 25 monthly repayments of £10,342.63 followed by 275 monthly repayments of £13,864.34. The total amount repayable would be £4,071,259 made up of the loan amount, plus interest (£1,571,259) and fees of £1,999. The overall cost for comparison is 4.25% APRC representative.

The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.

To secure a £1million-plus mortgage, call Trinity Financial on 020 7016 0790.

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