£850,000 mortgage for clients keeping old home to give them time to refurbish new property
Trinity Financial recently secured a £850,000 mortgage for a professional couple purchasing a £1 million property in London.
They already had a mortgaged property they lived in and wanted to keep it before putting it on the market to avoid having a chain and potentially delaying completion. They also wanted time to refurbish their new home.
Did they have a complex situation?
Our clients are higher earners and had a 15% deposit. However, not all lenders are comfortable with borrowers technically having two residential properties, even if it is for a short period.
After researching the market, Trinity's broker found a large high-street bank willing to offer the full £850,000, allowing our clients to have two residential mortgages. The lender offered competitively priced rates and has swift turnaround times.
To meet affordability requirements, applicants must demonstrate that they can afford two mortgages simultaneously, even with lenders' higher stress test rates.
Was the rate particularly good?
The lender offered a two-year fixed rate priced around 4.25%, and the clients opted for a 35-year term to lower their monthly repayments. The lender allowed 10% of the mortgage to be repaid each year without charge.
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
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