£1.3 million mortgage offer produced in six days for clients in bidding war to buy property
Trinity Financial's broker recently helped his clients to purchase a £1.8 million property in London by securing them a £1.3 million mortgage.
The couple were moving in together and in a rush to buy because they were in a bidding war with other interested parties who also wanted the property.
What did they do for a living? Finance director and Barrister.
Did they have a complex situation? Both applicants owned their own residential properties with mortgages. They wanted to have a backup option in case the purchase fell through and they had buyers for their current homes.
As part of the mortgage process and for mortgage affordability purposes, one residential property would remain in the background in case neither is sold before the joint residential property is purchased.
Were they in a rush to complete? They needed a quick offer due to an ongoing bidding war. They had found a fantastic property they both loved and were under pressure to get the purchase completed as quickly as possible.
Why did they need our help? Affordability and service. They wanted a competitively priced rate and a lender willing to issue a £1.3 million mortgage with one property in the background. Both work in high-pressure, time-consuming roles and wanted an expert to manage their mortgage applications from start to finish.
Did we struggle to find a lender? No. Both were employed at high salaries and had strong employment records and clear credit histories.
Was the mortgage on interest-only or capital repayment? Capital repayment to age 75 of the oldest applicant. There was also the option to make lump-sum overpayments to reduce the mortgage balance faster.
Was the rate particularly good? A two-year fixed rate priced just over 3.90%.
Where did they get your details from? Referral from existing clients.
How long did it take to produce a mortgage offer? The mortgage application was submitted to a large bank on 5th August and was offered on 11th August.
Lending solutions with Trinity Financial
Are you looking to buy a property and require expert advice? We’re here to help you find a solution – no matter how complex your circumstances. Our expert brokers have extensive experience providing creative solutions to secure mortgages for our clients.
Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation
The information contained within was correct at the time of publication but is subject to change.
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