- £690,000 mortgage to purchase residential reassignment of contract property
- Two-bedroom flat in 30 floor new-build London block
- American applicant on tier 2 visa and 20% deposit
Our clients found a high rise property to purchase through on a reassignment of contract basis in London. The couple were solicitors renting a property, and they had a 20% deposit.
Why was it difficult?
The main issue with the case was the reassignment of contract element and the way the vast majority of banks and building societies will not accept these applications. There was the added complication of one applicant being American and working in the UK on tier 2 visa which was due to expire in 2022. The other borrower was Italian with indefinite leave to remain.
How did we help?
Trinity's broker knew which bank to approach for this type of application, and once he had the fact find forms he submitted the application. The lender was happy with the way the transaction and the height of the block because of its prime location.
What was the rate on the new mortgage?
A fixed-rate of 1.43% until 31 October 2022. The rate reverts to the lender's standard variable rate of 3.49%. The overall cost for comparison is 3.3% APRC. The arrangement fee was £999, and early repayment charges apply for the full fixed rate term.
Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation