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Trinity Financial recently arranged a mortgage for a client using her self-employed income plus the rent from her two buy-to-let properties.

She was moving up the property ladder and required a lender to use all her income to secure a large enough mortgage.

As most lenders do not accept the rental income from buy-to-let properties in their affordability calculation she asked for our help.

Solution

Trinity’s broker arranged their mortgage through a large lender happy to work off self-employed income plus gross property income on the tax return.

The lender provided one of the most competitively priced two-year fixed rates in the market and produced a fast mortgage offer.

Case details

Property type: Four-bedroom house

Value: £885,000

Mortgage: £290,000

Rate: 1.34% until 31/10/2021

Reversion rate: The bank’s standard variable rate, currently 4.19%.

The overall cost for comparison is 3.8% APRC representative.

Lender’s arrangement fee: £999

Mortgage term: 25 years

Repayment type: Full capital repayment

Loan-to-value: 60%

Early repayment charge: 2% of the loan in year 1, 1% in year 2.

Overpayments: 10% per annum

Representative example: A mortgage of £290,000 payable over 25 years, initially on a 1.34% fixed rate until 31/10/2021 and then on a variable rate of 4.19% for the remaining 23 years, would require 25 monthly payments of £1,142.06 followed by 275 monthly payments of £1,530.75. The total amount repayable would be £450,082 and a £995 arrangement fee. The overall cost for comparison is 3.8% 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 mortgage or book a consultation 

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