£500,000 building society mortgage using pending income from SIPP, pension, plus stocks and shares
Trinity Financial recently secured a £500,000 mortgage for a client with substantial funds in his Self-Invested Personal Pension (SIPP), Pension, and stocks and shares.
He had found a £1 million house to buy in Surrey but was struggling to find a lender willing to issue him with a mortgage.
Did they have a complex situation?
Our client has over £1 million in his SIPP, over £1.3 million in stocks and shares, and another substantial pension fund. However, as he was 55 years old, many lenders stated that he was not old enough to access the funds and would have to wait.
Trinity Financial's broker contacted a range of lenders, and none of them were willing to lend him any money. This led her to speak to the specialist building societies and to contact our relationship managers.
After speaking to one provider with a reputation for lending to wealthier clients who do not meet all the criteria, a specialist mortgage underwriter assessed his financial situation and agreed to provide the mortgage.
They saw that the client had a good financial situation, a good credit score and determined that lending to someone with a large deposit and substantial income was a safe bet.
Was the rate particularly good?
The lender offered a reasonably competitive five-year fixed rate priced at 5.15% over a ten-year term. He planned to repay the mortgage quickly.
How long did it take to produce the mortgage offer?
The mortgage offer was produced within a week of the application being submitted.
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.
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
Get started today
Speak to one of our mortgage experts. Book an appointment to come and see us or request one of our experts to call you.
