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Trinity Financial recently arranged a mortgage for a partner of a law firm looking for a lender to use her annual bonus and 100% of her husband's overtime.

They were next-time buyers in a hurry to secure a mortgage offer so they could complete on their purchase quickly.

The law firm partner received a large salary made up by an annual bonus, and her husband worked in the public sector. His salary was boosted by regular overtime.

They had a 15% deposit and a clear credit history but required a generous affordability calculation.

Solution

Trinity’s broker arranged their mortgage through one of the biggest banks with fantastically low rates and leading affordability calculations.

The lender used 50% of annual salaries in its affordability calculation and 100% of overtime earnt over the last six months. 

It was happy to provide a £500,000+ capital repayment mortgages even though other lenders expect borrowers to have a larger deposit.

The mortgage offer was provided in ten working days.

Case details

Property type: Four-bedroom house

Value: £875,000

Mortgage: £1,050,000

Rate: 1.64% 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: £995

Mortgage term: 30 years

Repayment type: Full capital repayment

Loan-to-value: 85%

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

Overpayments: 10% per annum

Representative example: A mortgage of £875,000 payable over 30 years, initially on a 1.64% fixed rate until 31/10/2021 and then on a variable rate of 4.24% for the remaining 28 years, would require 25 monthly payments of £3,084.19 followed by 335 monthly payments of £4,223.22. The total amount repayable would be £1,491,913 and a £995 arrangement fee. The overall cost for comparison is 3.93% 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 mortgage

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