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Key features   

  • £550,000 mortgage for client with 10% deposit 
  • IT contractor with less than three months left on his current contract 
  • Told by his bank to use a broker to get better terms 

Our client

Our client was a day rate contractor who had been running his own limited company for two years. He had found a property in Scotland he wanted to buy but needed a 10% deposit mortgage. He called his bank to ask them to provide a mortgage, and they told him to find a broker to get a more generous deal. 

How did we help?        

As he had a limited amount of time left on his existing contact, our broker needed to find a flexible lender offering 10% deposit mortgages.

At the time not all of the providers were back in the low deposit market. We used the client's salary and dividends to secure a more generous loan size rather than simply the day rate and it was agreed through a broker-only lender. 

What was the rate?           

A 3.63% rate fixed until 30/06/2023, and after the fixed period it reverted to the banks 4.49% standard variable rate. The overall cost for comparison was 4.4% APRC. The arrangement fee was £495, and early repayment charges applied. Up to 10% of the mortgage could be repayment each year without charge. 

Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation 

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To arrange a meeting with one of our expert mortgage advisers complete our enquiry form or mortgage questionnaire and we will call you back. Please note, by submitting this information you have given your agreement to receive verbal contact from us to discuss your mortgage requirements.

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