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Trinity Financial arranged a residential mortgage for a first-time buyer with a large deposit gifted to him by a family member. He needed to borrow five-times his salary in order to purchase the property.   
Case details and solution
We approached a lender offering a leading five-year fixed rate and they were also happy to accept gifted deposits. As he received £800,000 to put towards his purchase and he had a stable income, he qualified for some of the lowest rates, although still required an income stretch.  
Property: House valued at £1,275,000 in King Cross, London. 
Mortgage loan amount and rate: £475,000 taken on a five-year fixed rate at 2.95%. After five-years the mortgage reverts to the lenders standard variable rate currently 3.89%.  
Lenders arrangement fee: £999 and added to the loan.
APR: The overall cost for comparison is 3.6%.
Term: 25 year term.
Repayment type: Full capital-repayment mortgage.
Loan-to-value: Approximately 40% of the property value.
Early repayment charge: For the first five-years of the mortgage.
The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.
Call Trinity on 020 7016 0790 to secure a gifted deposit mortgage. You can also email: enquiries@trinityfinancialgroup.co.uk
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