We were approached by a city lawyer and his self-employed partner looking to borrow £500,000 to purchase their first property.
As the self-employed partner had recently started a company and did not have one year’s accounts, they wanted a lender to offer funds based on one salary.
As there was a lot of competition from other buyers, they were also keen to get a fast decision in principle agreed in order to proceed quickly.
Without sufficient accounts it was not possible to use the self-employed income, so we arranged a five times salary mortgage using the lawyers income.
We approached a mortgage lender with fast turnaround times and impressive rates to ensure the clients met their tight completion deadlines.
In order to make sure the capital repayment was affordable the mortgage was arranged over a 33-year term, without early repayment charges so overpayments can be made at any time.
Property: Two-bedroom flat in West Hampstead.
Mortgage: £500,000 and property valued at £750,000.
Rate: Tracker rate at 1.49% - 0.99% over Bank of England base rate until 31 December 2016.
Lenders arrangement fee: £999 product fee.
Mortgage term: 35 years.
Repayment type: Mortgage taken on a capital repayment basis.
Reversion rate: 3.49% over the Barclays Bank Base Rate for the remainder of the mortgage.
Early repayment charge: There are no early repayment charges and ability to fix at anytime.
The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.
If you would like help to secure a leading mortgage rate, call Trinity on 020 7016 0790