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Trinity Financial recently arranged a £525,000 mortgage for a couple in just over 24 hours. 

Our clients were keen to act quickly and secure a mortgage after their bid on a property was accepted. We had already arranged for their existing home to be remortgaged onto a buy-to-let and released funds to use as a deposit.

Both applicants were employed and working in London, they also received bonus income.

Trinity’s broker submitted their application to a large high street bank and as they have a good credit score and sufficient income, the application went through very quickly. The mortgage was submitted at 3pm on a Wednesday and the offer was produced the following afternoon.

The bank was happy to complete a desktop survey and did not inspect the property so our clients arranged their structural survey. 

As they wanted longer-term payment security, our broker recommended a fanatically priced five-year fixed rate at 2.14%.

Case details

Value: £640,000

Mortgage: £524,800

Rate: 2.14% fixed until 02/04/2024

Reversion rate: The bank’s standard variable rate currently 4%.

The overall cost for comparison is 3.32% APRC representative.

Lender’s arrangement fee: £999

Mortgage term: 25 years

Repayment type: Full capital repayment

Loan-to-value: 82%

Early repayment charge: Yes - for five years

Overpayments: Up to 10% per year without charge

Representative example: An interest mortgage of £524,800 payable over 25 years, initially on a 2.14% fixed rate until 02/04/2024 and then on a standard variable rate (currently 4%) for the remaining 20 years, would require 61 monthly repayments of £2,260.33 followed by 239 monthly repayments of £2,670.76. The total amount repayable would be £777,576.77 made up of the loan amount, plus interest (£251,391) and £999 (product fee), £225 (final repayment charge), £35 (completion fee). The overall cost for comparison is 3.32% 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 fast mortgage offer

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