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Trinity Financial helped a limited company director secure a competitively priced fixed rate mortgage through a high street bank using his retained profits.

Our client had an offer accepted and wanted to secure a mortgage offer quickly because there was a tight exchange deadline.

After struggling to meet the affordability rules at some of the biggest lenders he asked Trinity to find him and his partner a mortgage.

His construction company had been trading for five years and it had a large turnover, but the money was retained in the business so his salary and dividends were not enough to borrow £600,000+.

His partner was employed but on maternity leave, although the lender accepted her return to work income to boost the application.

The couple had a property in the background they were struggling to sell, so our broker transferred the mortgage to a buy-to-let and released some of the equity to enable them to access a larger deposit.

We secured the clients a low rate without early repayment charges so they could make lump sum overpayments and have the flexibility to repay the mortgage.

Case details

Value: £950,000

Mortgage: £615,000

Rate: 1.59% fixed until 01/10/2020

Reversion rate: The lender’s standard variable rate – currently 3.99%

The overall cost for comparison is 3.7% APRC representative.

Lender’s arrangement fee: £999

Mortgage term: 30 years

Repayment type: Capital repayment

Loan-to-value: 65%

Early repayment charge: Until 01 10 2020.

Overpayments: Up to 10% per annum.

Representative example: A mortgage of £950,000 payable over 30 years, initially on a 1.59% fixed rate until 01 October 2020 and then on a variable rate of 3.99% for the remaining 28 years, would require 24 monthly repayments of £2,152.64 followed by 336 monthly repayments of £2,885.92. The total amount repayable would be £1,021,462.23 made up of the loan amount, plus interest (£404,593.73) and fees of £999. The overall cost for comparison is 3.7% 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 retained profits mortgage

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