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Trinity Financial recently arranged a mortgage for a teacher and her family using 100% of her maintenance and benefit payments.

She wanted to move into a larger property and needed a lender to use a combination of her maintenance, disability, child benefits and child tax credits.

Solution

Trinity's broker found a lender offering the second most competitively priced fixed-rate and it was happy to use 100% of all ‘secondary income’.

The lender produced a mortgage offer within five working days.

Case details

Property type: Three-bedroom house

Value: £725,000

Mortgage: £450,000

Rate: 1.78% 31 October 2024

Reversion rate: The bank’s standard variable rate, currently 4.24%

The overall cost for comparison is 3.4% APRC representative.

Lender’s arrangement fee: £995

Mortgage term: 28 years

Repayment type: Full capital repayment

Loan-to-value: 60%

Early repayment charge: For five-years

Overpayments: 10% per annum

Representative example: A mortgage of £450,000 payable over 28 years, initially on a 1.78% fixed rate until 31 October 2024 and then on a variable rate of 4.99% for the remaining years, would require 62 monthly repayments of £1,701.62 followed by 274 monthly payments of £2,183.65. The total amount repayable would be £704,845 made up of the loan amount plus interest £2530,819 and £995 arrangement fee. The overall cost for comparison is 3.4% 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 mortgage

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