Trinity Financial recently arranged a £650,000 mortgage for a recruitment agent buying a new home with his partner.
After finding their perfect property, our clients asked for help to secure a competitively priced two-year fixed rate. They wanted us to find a lender accepting a monthly commission and quarterly bonus payments on top of their basic salary.
Trinity’s broker approached a bank with a generous affordability calculator and low short-term fixed rates for borrowers with 15% deposits. While many of the lenders accept quarterly bonuses, not all of them will use 60% of the bonus and commission.
The bank provided a free property valuation and £250 as a contribution to legal costs. Our clients arranged for their surveyor to inspect the property to ensure it was in good condition.
The mortgage offer was produced with ten working days.
Rate: 1.74% fixed rate until 26 June 2021
Reversion rate: The bank’s standard variable rate currently 4%.
The overall cost for comparison is 3.65% APRC representative.
Lender’s arrangement fee: £999
Mortgage term: 25 years
Repayment type: Full capital repayment
Early repayment charge: Early repayment charges apply until 26 June 2021
Overpayments: Up to 10% per annum.
Representative example: An interest mortgage of £637,500 payable over 25 years, initially on a 1.74% fixed rate until 26/06/2021 and then on a standard variable rate (currently 4%) for the remaining 23 years, would require 26 monthly repayments of £2,622.11 followed by 274 monthly repayments of £3,301.82. The total amount repayable would be £974,258.54 made up of the loan amount, plus interest (£335,373.54) and £999 (product fee), £225 (final repayment charge), £30 (completion fee). The overall cost for comparison is 3.65% 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 recruitment agent bonus income mortgage