50% of £715,000 mortgage on interest-only to help clients reduce costs
Trinity Financial recently helped our clients secure a part interest-only mortgage to purchase an £895,000 property.
The investment banker and office manager couple had a 20% deposit. They wanted us to find a lender with great rates willing to use their latest year's bonus income for affordability purposes.
They required a large part of the mortgage on an interest-only basis to minimise their monthly outgoings, as they had a plan of how to pay off their mortgage at the end of the term.
How did we help?
Trinity's broker approached a big bank with one of the most attractive interest-only policies. The lender was happy to provide 50% of the mortgage on interest-only and the rest on capital repayment because the applicants were higher earners and had a large enough deposit.
The bank used 65% of the latest year's bonus, although the mortgage assessor did ask for confirmation of the previous bonuses, which had to be roughly in line.
The clients opted for a five-year fix for the longer-term payment security, and the mortgage offer was produced within three weeks.
Call Trinity Financial on 020 7016 0790 for help to secure a mortgage or book a consultation
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