£1.4 million mortgage for first-time buyers purchasing £1.65 million home

Client background

Our clients were a couple purchasing a £1,650,000 home together. As first-time buyers, they needed a £1,400,000 mortgage to complete the purchase.

Their circumstances were slightly more complex than a standard application. One applicant earned a basic salary plus performance-related bonuses, while the other worked in a professional role with a straightforward employed income. In addition, one of our clients held British and South African passports; his partner was working on a spousal visa.

The challenge

Securing the right mortgage involved navigating a number of complexities.

Firstly, one client’s income included performance-based bonuses, so it was important to present this in a way that demonstrated consistency and reliability for affordability purposes. The second client’s professional income also needed to be clearly documented and verified to meet the lender's requirements.

Secondly, the clients’ dual nationality added another layer to the application. Extra care was needed around identity checks, residency, tax status, and supporting documentation to ensure the lender had a clear and complete picture of their circumstances.

Finally, given the size of the loan required, affordability and rate were key considerations. The clients needed to demonstrate that their combined income could comfortably service a £1,400,000 mortgage, while accounting for the variable nature of bonus income. They also wanted a completely priced two-year fix.

Trinity Financial's solution

We structured the application carefully to give the clients the strongest possible chance of success.

For the applicant receiving bonuses, we worked closely with a large lender, often known for its flexibility, to ensure all income was considered in the affordability assessment. By providing evidence of consistent bonuses over several years, we demonstrated a dependable pattern of additional earnings.

For the second applicant, we compiled all relevant employment income documents, including payslips, employment contracts and supporting evidence of remuneration, to clearly verify their financial position.

We also guided the clients through the additional documentation needed in relation to their British and South African passports. This included proof of residency, tax information and financial records, helping to ensure the application met the lender’s underwriting requirements in full.

After reviewing their circumstances, we recommended a 2-year fixed-rate mortgage. This gave the couple the security of stable monthly payments in the early years of ownership, while also offering flexibility for the future.

As part of the wider strategy, the clients planned to make mortgage overpayments during the fixed period using bonus income and surplus monthly disposable income. This would help reduce their loan-to-value over the first two years and put them in a stronger position to access a more competitive rate when the initial deal ended. This is subject to market conditions. 

The outcome

The clients successfully secured a £1,400,000 mortgage on their £1,650,000 first-home purchase. The mortgage offer was produced in two weeks.

With a 2-year fixed-rate mortgage in place, they now have the certainty of stable payments while they settle into their new home. They also have a clear overpayment strategy designed to reduce their loan-to-value ratio over time, improve their equity position, and strengthen their options for remortgaging in the future. The mortgage lender allows them to overpay 10% of the outstanding balance each year without charge.

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 more generous mortgage, book a consultation or use our appointment calendar

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