- £3 million mortgage on £3.7 million property through private bank
- Five-year fix interest-only mortgage at 2.79%
- Private equity trader using Carry investment income in affordability calculation
Our clients asked for help to secure a quick mortgage after their lender changed its policy and pulled their existing offer. They had agreed to purchase a property using a 5.5 times salary income multiple but were left concerned their purchase would fall through because of the withdrawal of the mortgage.
The main income earner worked in private equity and had Carry / Carried investment income. His partner was a healthcare professional with a good salary.
How did we help?
Trinity's broker contacted a private bank offering large mortgage loans at higher loan-to-values. The lender agreed to provide a 20% deposit mortgage using a five-times salary multiple. The bank used the Carry income on top of their basic salaries and bonuses as a way of boosting the mortgage affordability and offering interest-only.
As the clients had recently secured a mortgage, they had all of their documentation ready, and the mortgage offer was produced within ten days.
What was the rate?
A 2.79% rate fixed for five years, and after the fixed period, it reverted to the banks 3.54% standard variable rate. The overall cost for comparison is 2.6% APRC. The arrangement fee was 1%, and early repayment charges applied. The mortgage reverts onto a Bank of England base rate tracker.
Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation