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Trinity Financial recently helped two clients working as contractors in the music industry to secure a £600,000+ mortgage.

They had recently been on a three-month sabbatical and had just returned to work for a new company. 

Before their overseas break, applicant one had a track a record of contracting, but applicant two was on maternity leave for 18 months - although she had experience of contracting.

Solution

As many mortgage lenders do not allow three-month breaks in contracts and applicant two not having a recent track record, most lenders could not assist.

To add further complications, the applicants had a 10% deposit and required a lender who could take their daily rate at face value and provide five-times the annual amount.

Trinity’s broker approached a mortgage lender with the ability to agree on cases outside of its standard criteria and look at the whole case. The application was pre-approved and an offer produced within two weeks.

Case details

Property type: Detached house

Value: £680,000

Mortgage: £612,000

Rate: 2.71% until 30 April 2021

Reversion rate: The bank’s standard variable rate, currently 4.74%.

The overall cost for comparison is 4.5% APRC representative.

Lender’s arrangement fee: £0

Mortgage term: 33-years

Repayment type: Full capital repayment

Loan-to-value: 90%

Early repayment charge: 3% until 30/4/2020, 2% until 30/4/21

Overpayments: 10% per annum allowed

Representative example: A mortgage of £612,000 payable over 33 years, initially on a 2.71% fixed rate until 30 April 2021 and then on a variable rate of 4.74% for the remaining 31 years, would require 24 monthly repayments of £2,339.79 followed by 372 monthly repayments of £3,021.32. The total amount repayable would be £1,180,906 made up of the loan amount plus interest and no arrangement fee. The overall cost for comparison is 4.5% 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 a contractor mortgage

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