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Case details

Our client initially applied directly to a large high street lender but struggled to get a mortgage.

As a first-time buyer who lost the first property he agreed to buy because of his bank’s slow processing times, he wanted help to secure a fast mortgage offer.

He received a salary where part of his income included a bonus and was keen to find a lender happy to take his overall income into consideration.

It was important the client secured a low rate with a longer mortgage term to minimise the monthly repayments.

Solution:   

As our client was keen to secure a fast mortgage offer in order to purchase his first property, we approached a high street lender with a specialist broker division.

They were happy to use a percentage of his bonus income and they also agreed the property was of sufficient security to provide a £585,000 mortgage.

The rate was competitively priced and the mortgage was taken over a 35 year term to minimise the monthly repayments.

Property: Flat in Central London

Value: £750,000

Mortgage: £585,000

Rate: 1.94% fixed rate until 30/09/2017

APR: The overall cost for comparison is 3.8% APR

Reversion rate: The lender’s standard variable rate, currently 3.99%

Lender's arrangement fee: £999

Mortgage term: 35 year term

Repayment type: Full capital repayment

Loan-to-value: 80%

Early repayment charge: 2.75% of the loan before 30/09/2016, 1.1% of the loan amount before 30/09/2017

For help to secure a mortgage to purchase a property, call Trinity on 020 7016 0790.

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