£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, and his offer was accepted, but he 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 he 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 their 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 just over 5% 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 quickly, and within a week of the application being submitted. The process was fast because we had all the documentation the lender requested, and the property valuation was satisfactory.
Lending solutions with Trinity Financial
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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.
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