The recently married couple had lived in rented accommodation and decided it was a good time to get on the property ladder. They had a £75,000 deposit but required a mortgage to buy their new house in Kingston, Surrey.
Case details and solution
£425,000 mortgage to top up their 15% deposit.
Property: Three bedroom property built in 1910 valued at £500,000.
Mortgage rate: A two-year fixed rate at 3.39% taken over a 30 year term to make the monthly repayments more affordable.
Reversion rate: 4.24%
Lender''s arrangement fee: £999
Loan-to-value: Approximately 85% of the property value.
APR: The overall cost for comparison is 4%.
Repayment type: The mortgage was taken on a capital repayment basis.
Early repayment charges: 3% for two years.
Trinity can help: If you are a first-time buyer and you would like help to secure your first mortgage, contact us 020 7016 0790 or email him at firstname.lastname@example.org
July 19, 2013