It can be tricky to arrange a mortgage for a professional footballer, particularly as many of the banks and building societies limit the time the mortgage can be repaid over.
Lenders often ask for proof of any expected pension income as these payments are expected to repay the mortgage into their retirement.
Case details and solution
Some of the building societies offer more attractive mortgage rates and terms for professional footballers. We approached one of the larger societies and arranged a two-year fixed rate over a 15 year term.
This mortgage has the facility to make 10% overpayments each year, to allow the player to use his large weekly salary to make lump sum overpayments. This will help to ensure the mortgage is repaid more quickly.
Property: Two-bedroom flat in East Sussex valued at approximately £300,000.
Mortgage rate and loan amount: Approximately £270,000 taken on a two-year fixed rate at 3.95% over a 15-year term. The reversion rate is 4.74%.
Lender''s arrangement fee: £999 added to the loan amount.
APR: The overall cost for comparison is 4.6%.
Repayment type: £270,000 on full capital-repayment.
Loan-to-value: Approximately 90% of the property value.
Early repayment charges: 3% of the loan amount for two-years.
Trinity can help: If you are professional footballer or a professional sportsman looking for help to secure a mortgage, call us on 020 7016 0790. You can also email: firstname.lastname@example.org