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.
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.
Property type: Four-bedroom house
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
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