- 1.55% five-year fix
- £635,000 purchase
- Income stretch mortgage
Our first-time buyer clients had found a property they liked and wanted help to secure a more mortgage suitable for limited company directors. They had a 40% deposit.
What were they looking for?
They required an income stretch mortgage where the lender would take an average of their latest two years figures. They also wanted a competitively priced five-year fixed rate and a longer mortgage term to lower the monthly repayments.
Why was it difficult?
Most lenders do not offer five-times+ salary mortgages over a longer-term, particularly at best-buy rates.
How did we help?
Trinity’s broker applied to a lender offering one of the most attractive five-year fix mortgage rates. The lender provided 5.5 times salary income multiple over a 28-year term and was happy to lend to the self-employed. The bank produced a mortgage offer within ten days.
What was the rate?
The 1.55% rate was fixed until 31/01/2022, and it had a £999 arrangement fee. After the fixed-rate period, the mortgage reverts to the lender's standard variable rate, which is currently 4.24%. The overall cost for comparison is 3.9% APRC.
Call Trinity Financial on 020 7016 0790 to secure a 5.5 times salary mortgage