£1.4 million mortgage for couple receiving large bonuses moving up the property ladder
What was the situation?
Our clients initially contacted Trinity Financial, keen to speak to a specialist broker providing expert large mortgage loan advice.
The investment banker and his solicitor partner had found a large home in London to purchase and were moving up the property ladder.
The house they were buying was worth £2.1 million, and they needed a mortgage of £1.5 million.
What was the issue?
While our clients were higher earners, they had an existing property they were keeping as a second home, and they required a fast mortgage offer.
As they received bonuses, they were keen to secure a shorter-term mortgage where they could make overpayments. Most lenders offer their lowest rates to borrowers taking five-year fixes.
Trinity Financial has years of experience with this type of enquiry and knows precisely what lenders are the best to approach for more generous affordability calculations. We knew we’d be able to help!
What was the process?
After understanding their requirements and assessing the most suitable mortgage lenders, our broker found a large mortgage loan from a bank with a competitively priced two-year rate. This rate was not much more expensive than many of the five-year fixes.
The lender took the proposed second home into consideration for mortgage affordability and accepted bonus income while offering income multiples up to 5.5 times the salary for higher earners.
What was the solution and mortgage rate?
The lender that had just lowered its two-year fixed rate priced just over 5%, and it offered the full £1.5 million. The mortgage offer was produced within five days on full capital repayment over a 25-year term.
This fixed period meant the clients had a very cost-effective way of financing the property for the foreseeable future. Like many borrowers, they thought rates were going to come down and wanted to assess their mortgage again in two years.
They could also make 10% overpayments each year without charge enabling them to make lump sum overpayments.
Lending solutions with Trinity Financial
Are you looking for a larger mortgage loan and expert advice? We’re here to help you find a solution – no matter how complex your circumstances. At Trinity Financial, 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.
Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage