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Trinity Financial recently arranged a £550,000 mortgage for an IT contractor using the income on his new contract.

He had a track record of working as an IT contractor, but he did not earn enough to purchase the property he wanted. He had a 10 per cent deposit.

Trinity’s broker approached a high street bank with a specialist team managing contractor applications. The lender provided generous affordability calculations for those earning over £500 per day, and his new contract enabled him to meet the criteria.

The lender's underwriter was happy to provide a mortgage even though the client had just started working for the new firm because of his track record demonstrated on his CV.

He was keen to secure the lowest possible rate to minimise his monthly repayments, and we arranged a particularly cheap two-year fix at 2.27%.

The mortgage offer was produced within ten working days.

Case details

Value: £610,000

Mortgage: £549,000

Rate: 2.27% fixed rate until 30/06/2021.

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

The overall cost for comparison is 3.96% APRC representative.

Lender’s arrangement fee: £999

Mortgage term: 25 years

Repayment type: Capital repayment

Loan-to-value: 90%

Early repayment charge: Early repayment charges until 30/06/2021.

Overpayments: Up to 10% per annum.

Representative example: An interest mortgage of £549,000 payable over 25 years, initially on a 2.27% fixed rate until 31/03/2021 and then on a standard variable rate (currently 4.24%) for the remaining 23 years, would require 26 monthly repayments of £2,399.80 followed by 48 monthly repayments of £2,924.24. The total amount repayable would be £865,496.83 made up of the loan amount, plus interest (£314,636.56) and £1,499 (product fee), £295 (final repayment charge), £30 (completion fee). The overall cost for comparison is 3.96% 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 an IT contractor mortgage

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