- £900,000 mortgage for client buying £1 million property
- 2.73% two-year fixed rate
- 100% of bonus used plus income from second job
Our client was an actuary receiving employed income and a large bonus. He also had a second job which was on a self-employed basis.
He had found a large house he wanted to buy and was keen to get a mortgage agreed quickly.
What was he looking for?
He was looking for a mortgage lender to offer 90% of £1 million using all of his income. He wanted a competitively priced rate with the ability to make overpayments.
Why was it difficult?
It is not unusual for a lender to provide 90% loan-to-value mortgages but there are a limited number of options for borrowers looking for large mortgage loans.
How did we help?
Trinity's broker contacted a bank with a track record of providing mortgages to clients with a mixture of incomes at competitively priced rates. The case agreed based on the overall income and the mortgage offer was produced within two weeks.
As the mortgage was agreed during the coronavirus lockdown, the bank used a desktop valuation where is used its computer systems to value the property. The bank requested additional pictures and a video of the inside of the property to confirm it is was in good condition.
Up to 10% of the outstanding balance could be repaid each year without charge.
What was the rate?
A fixed-rate of 1.48% until 30 June 2022. The rate reverts to the lender's standard variable rate of 4.74%. The overall cost for comparison is 4.5% APRC. The arrangement fee was £195 and early repayment charges apply for the full fixed rate term.
Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation