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Our clients asked for help to secure a mortgage after their offer on a flat in London was accepted.

They were keen to secure the mortgage quickly and ensure they were in the best possible position to proceed. The couple were both employed and worked for companies in London on a PAYE basis.

As they had a large deposit, they asked for a competitively priced short term mortgage rate.

Solution

Trinity’s adviser approached a lender producing mortgage offers through its automated application system. It provided low two-year fixed rate mortgages and free property valuations. 

As the case was submitted online with all of the supporting documentation, including identification and payslips, the lender produced an offer in three working days. 

The bank did not send a valuer to inspect the property; it simply advised the client to get their own independent property assessment completed.

Case details

Property: Flat in London

Value: £800,000

Mortgage: £575,000

Rate: 1.40% fixed until 31 May 2019

Reversion rate: The bank’s standard variable rate, currently 3.74%.

The overall cost for comparison is 3.50% APRC representative.

Lender’s arrangement fee: £1,499

Mortgage term: 35 years

Repayment type: Full capital repayment.

Loan-to-value: 72%

Early repayment charge: 3% until 31 May 2019.

Overpayments: Up to 10% per annum without charge.

Representative example: A mortgage of £575,000 payable over 35 years, initially on a fixed rate for 24 months at 1.40% and then on a variable rate of 3.74% for the remaining 23 years, would require 24 monthly repayments of £1,737.05 followed by 396 monthly repayments of £2,422.53. The total amount repayable would be £1,001,011 made up of the loan amount, plus interest (£424,512) and fees of £1,499. The overall cost for comparison is 3.5% APRC representative.

The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.

To secure a £500,000+ fast mortgage offer, call Trinity Financial on 020 7016 0790.

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