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Key features:

  • Client's remortgaging using payments from income protection policy
  • Super-cheap 1.48% five-year fix
  • £300,000+ mortgage 

Our clients:

Our client recently had an illness which led to a change in his work. The illness was serious enough for an income protection policy to kick-in and for him to start receiving monthly payments. 

He still ran a management consultancy business with his partner, but the firm had been scaled back and he was working on a part-time basis.

As well as the income protection payments, his wife had an a salary and dividends from their business, and they received a Personal Independence Payment.

What were they looking for? 

Their fixed mortgage was coming to an end and they were not happy with the rate their existing lender was offering them to stay.

Even though they did not earn as much money or have the same type of income as when they applied for the original mortgage, they were hoping we could find a lender to accept a mixture of their payments a secure them a leading fixed rate.

Why was it difficult?

It was tricky because many of the lenders do not have particularly generous policies to accept income protection income and benefits.  

How did we help? 

Trinty's broker contacted a bank with a good track record of providing mortgages to clients with benefit payments. The case agreed based on their overall income. 

What was the rate?

A fixed-rate of 1.48% until 30 June 2020. The rate reverts to the lender's standard variable rate of 4.24%. The overall cost for comparison is 2.5% APRC. The arrangement fee was £995 and early repayment charges apply for the full fixed rate term.

Call Trinity Financial on 020 7016 0790 to mortgage using benefit payments

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