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Trinity Financial recently arranged an £850,000 mortgage for a couple buying a large property with a self-contained flat.

They had agreed to purchase the property but were struggling to secure a mortgage. They had three other broker firms working on the case and had a 15% deposit.

Both clients had senior positions at large companies and a mixture of employed and self-employed income. They wanted a competitively priced two-year fixed rate and a fast mortgage offer.

Solution

Trinity’s broker approached his contact at a large bank offering some of the cheapest fixed rates in the market. They spoke to the property valuation team and agreed the property was suitable security.

Even though the property had a self-contained flat and two kitchens, the bank was happy to provide a mortgage on the condition the flat would not be let out. This suited the client as they planned to convert it into a family room.

The lender provided a fantastically low two-year fixed rate for £500,000+ mortgages saving the client a fortune based on the specialist lending rate one of the other brokers provided. 

The mortgage offer was produced within ten working days and the bank was happy with the mixture of employed and self-employed income.

Case details

Property type: Four-bedroom house with self-contained flat

Value: £1,000,000

Mortgage: £850,000

Rate: 1.54% until 31/10/2021

Reversion rate: The bank’s standard variable rate, currently 4.24%.

The overall cost for comparison is 3.9% APRC representative.

Lender’s arrangement fee: £999

Mortgage term: 35 years

Repayment type: Full capital repayment

Loan-to-value: 85%

Early repayment charge: 3% of the loan in year 1, 2% in year 2.

Overpayments: 10% per annum

Representative example: A mortgage of £850,000 payable over 35 years, initially on a 1.54% fixed rate until 31/10/2021 and then on a variable rate of 4.24% for the remaining term. This would require 24 monthly payments of £2,622.33 followed by 396 monthly payments of £3,820.33. The total amount repayable would be £1,576,027 and a £999 arrangement fee. The overall cost for comparison is 3.9% 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 or book a consultation 

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