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Key features:     

  • £999,999 mortgage for £1.1 million purchase
  • 10% deposit mortgage on 4.09% standard variable rate
  • Net income from trading profits used for affordability  

Our clients     

The main income earner was a lawyer working for a large firm and his partner looked after their child. They had found a large £1.1 million property in the north of England to purchase 

Why was it difficult?  

Despite having a 15% deposit our clients wanted Trinity Financial to find them a 10% deposit to ensure they did not use all of the savings purchasing a property.  

The main issue was the lack of 10% deposit mortgages because of the lending restrictions brought on by the coronavirus pandemic 

How did we help?   

Trinity's broker approached the only high street lender in the market offering £1 million mortgages with 10% deposits. He approached a bespoke bank and agreed a four times salary multiple using the net income from trading profits.

As the product was linked to a standard variable rate it did not have any early repayment charges and our client intended to make overpayments and remortgage onto a cheaper deal. The mortgage had to be taken on full capital repayment.

What was the rate?     

The mortgage was arranged on a standard variable rate of 4.09% for the life of the loan. The overall cost for comparison was 4.2% APRC. The arrangement fee was £195 and there are were early repayment charges apply. The mortgage had a 25-year term.    

Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation 

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