Trinity Financial recently arranged a £5 million mortgage for an investment banker keen to secure a fast mortgage offer.
He was purchasing a property for £7 million and required a quick mortgage offer to meet to the completion deadline.
The senior banker had a large salary and a significant cash bonus plus vested stocks. Part of the income was paid in US dollars.
Even though the client had a complex income structure, he met the criteria of a large high street lender offering extremely competitive fixed and tracker rates with low arrangement fees.
Our broker liaised with senior members of the bank’s credit committee and was able to get the mortgage approved within seven working days.
Rate: 1.97% fixed until 31 March 2024
Reversion rate: The bank’s standard variable rate currently 4.24%.
The overall cost for comparison is 3.54% APRC representative.
Lender’s arrangement fee: £995
Mortgage term: 25 years
Repayment type: 50% interest-only and 50% capital repayment
Early repayment charge: Yes - for five years
Overpayments: Up to 10% per annum without charge
Representative example: An interest mortgage of £5,000,000 payable over 25 years, initially on a 1.97% fixed rate for five years and then on a standard variable rate (currently 4.24%) for the remaining 20 years, would require 62 monthly repayments of £14,668.26 followed by 240 monthly repayments of £21,770.22. The total amount repayable would be £8,590,891 made up of the loan amount, plus interest (£3,589,749) and £999 (product fee), £30 (final repayment charge), £35 (completion fee). The overall cost for comparison is 3.54% 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 £1 million+ mortgage