- Doctors requested just over £600,000 to purchase £800,000 property and did not want to repay unsecured debt
- Five times salary income multiple used because clients did not want to repay unsecured debt
- Borrowers employed with two children
Our clients asked for help to secure a more generous income multiple to enable them to purchase a new home. As the had two cars on finance, some credit card debt and two children, they needed a flexible lender offering five times salary that does not insist on credit card and car finance being repaid when affordability is tight. They wanted a competitively priced rate and payment security.
How did we help?
Trinity's broker knew which lender would be the most suitable lender for our clients because it offered great fixed rates, five times salary for borrowers earning over £100,000 and a flexible approach to debts not being repaid on completion.
Once the clients sent back our application form and provided us with the additional documentation we require, the mortgage was submitted. The offer was produced within two weeks.
Why was it difficult?
There are not many lenders offering five times salary mortgages at such a low rate to borrowers with unsecured debts.
What was the rate?
A 2.09% rate fixed until 31/12/2022, and after the fixed period it reverted to the banks 3.54% standard variable rate. The overall cost for comparison is 3.4% APRC. The arrangement fee was £999, and early repayment charges applied. The mortgage had a 35-year term.
Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation