- £300,000 mortgage offered in two days
- Five times salary multiple using latest years bonus
- 1.43% five-year fix
Our client asked for help to secure a fast mortgage offer to purchase a four-bedroom house in the midlands. He was an actuary buying his first home and he had a 40% deposit gifted from his parents. He had a track record of receiving bonuses and required a slight income stretch.
Why was it difficult?
Many of the lenders have reduced their maximum income multiples so it is not easy to access five times salary mortgages. He also required a lender to use his latest years bonus because it was bigger than the previous years and he was also in a hurry to complete the purchase. He wanted a competitive priced longer-term fixed rate.
How did we help?
Trinity's broker found a large bank offering sub-1.5% five-year fixes using a five-time salary income multiple for first-time buyers. The lender took the latest bonus to boost mortgage affordability and unlike some lenders, the bank was happy with gifted deposits from parents.
What was the rate?
A 1.43% rate fixed until 31/12/2025 and after the fixed period it reverted to the banks 3.59% standard variable rate. The overall cost for comparison is 3% APRC. The arrangement fee was £1,499 and early repayment charges applied. The mortgage had a 35-year term.
Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation