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Trinity Financial recently arranged a £1 million mortgage for an investment banker buying a large family home.

He asked for help to find a lender offering five-times salary mortgages using his bonus income to boost affordability.

As he wanted to keep his existing property for investment purposes, he also required help to convert the property into a buy-to-let and release funds to put towards the new home. This is known as a let-to-buy mortgage.

Trinity’s broker approached a large high street bank providing 5.5 times salary mortgages to applications earning over £100,000. The lender accepted up to 60% of bonus income. He also arranged a buy-to-let mortgage to convert his property into a buy-to-let and the lender provided a highly competitive rate.

Even though there was a selection cheaper short-term rates, our client locked into a 1.99% five-year fix for the long-term payment security. The lender provided a free property valuation and a fast mortgage offer.

Case details

Value: £1,400,000

Mortgage: £1,000,000

Rate: 1.99% five-year fix

Reversion rate: The bank’s standard variable rate currently 4%.

The overall cost for comparison is 3.3% APRC representative.

Lender’s arrangement fee: £999

Mortgage term: 27 years

Repayment type: Full capital and interest mortgage

Loan-to-value: 70%

Early repayment charge: Yes - for five years

Overpayments: Up to 10% per year without charge

Representative example: A capital & interest mortgage of £1,000,000 payable over 27 years, initially on a 1.99% fixed rate for five-year and then on a standard variable rate (currently 4%) for the remaining 22 years, would require 61 monthly repayments of £3,995.87 followed by 263 monthly repayments of £4,864.66. The total amount repayable would be £1,523,539 made up of the loan amount, plus interest (£522,179) and £999 (product fee), £225 (final repayment charge), £35 (completion fee). The overall cost for comparison is 3.3% 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 £1 million+ mortgage

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