Trinity recently arranged a mortgage for a professional footballer playing in League 1.
After contacting his existing lender to find out if he can get a new mortgage, he was told the bank had stopped dealing with professional sportsmen and that included footballers.
After searching online for a mortgage broker, he called us to ask for help.
Many professional footballers struggle to secure sufficiently large mortgages because the lenders say they have a shorter career. This leads to higher monthly repayments if the mortgage is offered over a shorter term.
Our broker was able to find a lender to provide a 25-year term mortgage and they were happy he planned to go into coaching once he retired.
Property type: Detached house
Rate: Two-year fixed rate at 1.99%
Reversion rate: The bank’s standard variable rate, currently 4.49%.
The overall cost for comparison is 4.17% APRC representative.
Lender’s arrangement fee: £999
Mortgage term: 25-years
Repayment type: Full capital repayment
Early repayment charge: Charges apply until 30 November 2019.
Overpayments: Up to 10% per annum without charge.
Representative example: A mortgage of £250,000 payable over 25 years, initially on a fixed rate until 30 November 2019 and then on a variable rate of 4.49% for the remaining 23 years, would require 25 monthly repayments of £1,047.84 followed by 275 monthly repayments of £1,347.86. The total amount repayable would be £398,725.84 made up of the loan amount, plus interest (£149,357.50) and fees of £999. The overall cost for comparison is 4.17% APRC representative.
The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.
To secure a professional footballer mortgage call Trinity Financial on 020 7016 0790