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Trinity Financial recently arranged a mortgage for a doctor requesting a longer-term fixed rate while still on maternity leave.

Our client was on maternity leave after recently having a baby and was purchasing a new family home with her partner. She asked for help to find a suitable lender.

As the couple intended to stay in their home for the foreseeable future and interest rates are low, their preference was for a 10-year fixed rate.

Solution

Trinity's broker approached a building society well-known for offering the most competitively priced long-term rates.

The lender had a good policy for pregnant women returning to work, providing they had a letter from their employer confirming the date they would be going back and how much they would be earning.
 
Many of the banks and building societies provide ten-year fixed rates with early repayment charges for the full ten-year. The fixed rate we recommended had exit fees for five-years, enabling borrowers to have long-term payment security without being tied-in for such a long time.

The lender provided a free property valuation and the mortgage offer was produced within a week.
 
Case details
 
Value: £870,000
Mortgage: £500,000
Rate: 2.35 fixed until 30/06/2029
Reversion rate: The bank’s standard variable rate currently 4.74%
The overall cost for comparison is 3.17% APRC representative.
Lender’s arrangement fee: £999
Mortgage term: 25-years
Repayment type: Full capital repayment mortgage 
Loan-to-value: 57%
Early repayment charge: Early repayment charges apply until 30 June 2024.
Overpayments: Up to 10% overpayments per annum.
Representative example: An interest mortgage of £500,000 payable over 25 years, initially on a 2.35% fixed rate until 30/06/2029 and then on a standard variable rate (currently 4.74%) for the remaining 15 years, would require 122 monthly repayments of £2,205.50 followed by 178 monthly repayments of £2,594.25. The total amount repayable would be £732,031.93 made up of the loan amount, plus interest (£230,847.50) and £999 (product fee), £0 (final repayment charge), £8 (completion fee). The overall cost for comparison is 3.17% 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 maternity leave mortgage
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