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Trinity Financial recently arranged a £700,000 mortgage for two IT professionals moving up the property ladder.

They had found their ideal home and required an 85% loan-to-value mortgage with a competitively priced rate.

Both clients had a history of contracting in the IT sector with large banks but required a generous calculation to secure a sufficiently large mortgage.

Trinity’s broker approached a leading challenger bank offering contractors highly competitive five-year fixed rates to applicants with two year’s trading history.

The mortgage offer was produced in 10 working days providing the clients with sufficent time to complete the legal work and searches.

Case details

Value: £835,000

Mortgage: £710,000

Rate: 2.09% fixed for five years.

Reversion rate: The bank’s standard variable rate currently 3.75%.

The overall cost for comparison is 3.30% APRC representative.

Lender’s arrangement fee: £999.

Mortgage term: 35 years

Repayment type: Full capital repayment.

Loan-to-value: 85%

Early repayment charge: Apply for five-years.

Overpayments:  Up to 20% of the amount borrowed each year. Conditions apply.

Representative example: A mortgage of £710,000 payable over 35 years, initially on a 2.09% fixed rate for five years and then on a standard variable rate of 3.75% for the remaining 30 years, would require 60 monthly repayments of £2,387.41 followed by 360 monthly repayments of £2,995.19. The total amount repayable would be £1,208,036 made up of the loan amount, plus interest (£496,364) and £999 (product fee), £50 (final repayment charge), £35 (completion fee). The overall cost for comparison is 3.30% 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 an IT contractor mortgage

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