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At Trinity Financial we provide a quick, consistent and quality service ensuring that we always find the best mortgage to suit you.

Residential Mortgages

Residential Mortgages

Trinity has a wealth of experience in arranging finance for both property purchases and re-mortgages.

We have access to over 40 of the leading mortgage lenders and, also, the mortgages being offered by smaller building societies and the best private banks.

Buy-to-let Mortgages

Buy-to-let property investments can offer regular rental income or even act as an alternative to a pension annuity. Trinity has access to lenders providing impressive rates and generous rental calculations enabling them to offer more generous loan sizes. 

We also offer:

  • First-time buyer mortgages
  • Mortgages over £500,000
  • Interest-only mortgages
  • Mortgages for Professionals
  • Second home and holiday let mortgages
  • Buy-to-let portfolio reviews
  • Investment banker mortgages
  • Private bank mortgages

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£1.5 million mortgage for clients with 20% deposit moving out of London

Key features:     

  • £1.5 million mortgage secured with 20% deposit  
  • Large property with land  
  • 1.95% two-year fix  

Our clients     

Our clients asked for help to secure a larger mortgage on a property in Surrey after they sold their home in London. The main income earner was a compliance director working at a bank receiving a bonus. 

Why was it difficult?  

Even though they were borrowing around 4.5 times their joint salary, they required a £1 million+ mortgage with a relativity high loan-to-value at a time when many of the banks and building societies had restricted lending. They also needed the lender to accept bonus income. 

How did we help?   

Trinity's broker found a large bank offering particularly cheap two-year fixes, and after submitting the application the mortgage was offered within two weeks. 

What was the rate?     

The mortgage was a 1.95% rate fixed until 31/10/2022, and after the fixed period it reverted to the banks 3.59% standard variable rateThe overall cost for comparison is 3.4% APRC. The arrangement fee was £999 and early repayment charges applied. The mortgage had a 25-year term.    

Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation

Five times joint income multiple used to secure £500,000 mortgage

Key features:      

  • £500,000 mortgage arranged to help purchase £915,000 property 
  • Five times salary income multiple    
  • 1.43% five-year fix and 30-year term 

Our clients      

Our clients asked for help to secure a five times joint income mortgage to purchase a flat in London. They were both employed engineers buying their first home, and the deposit was being gifted. One of them was an EU national, and they wanted a longer-term fix. 

Why was it difficult?   

Many of the lenders have stopped offering five times salary mortgages, and some have tightened their gifted deposit rules. Some of the banks and building societies have also increased their longer-term fixed rates.

How did we help?    

Trinity's broker secured a five times joint income mortgage with a lender offering low five-year fixes to borrowers with larger deposits. The bank was happy with the gifted deposit and provided a mortgage offer within 10 working days. Our broker had a Skype call with the clients to verify their identification and answer any questions. 

What was the rate?      

A 1.43% rate fixed until 31/12/2025, and after the fixed period it reverted to the banks 3.59% standard variable rate. The overall cost for comparison is 2.9% APRC. The arrangement fee was £1,499, and early repayment charges applied. The mortgage had a 30-year term.     

Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation 

What is the difference between a buy-to-let and let-to-buy mortgage?

Let-to-buy mortgages are regularly used by homeowners who have lived in their property for a few years and want to move. 

These borrowers have equity in their property because house prices have increased in their area and they have repaid some of the mortgage. They like the idea of releasing some of the cash to put towards the deposit on a new home and letting their property to take advantage of future house price rises and the high rental income.

Buy-to-let mortgages are used for investment property purchases and normally consist of one transaction. Properties are typically let on an assured shorthold tenancy agreement and landlords are not allowed to live in the house or flat.

How do you secure a let-to-buy mortgage?

If you have at least 30% - 40% equity in your current home, it should be possible to remortgage it onto a buy-to-let while releasing funds for you to put towards the deposit of a new main residence.

The lenders will want to how much the property will rent for to determine the maximum loan size although some banks and building societies will also use your salary to boost the loan size.

Providing you have a deposit of at least 10%, and you earn enough money to meet the lender's affordability criteria, you then secure a residential mortgage for your new main residence and potentially access a lower rate because you have a bigger deposit. 

What are the rates?

Many of the lenders offering let-to-buy mortgages do not have specific let-to-buy rates so borrowers can access the lowest buy-to-let and residential deals. The rate will depend on the size of their deposit, the amount of rent the property generates and their overall financial situation.

The cheapest residential mortgage is available below 1.3% and the lowest buy-to-let rates are priced below 1.50% if you have a 40% deposit. The rates are not a huge amount more expensive if you have a 30% deposit for the buy-to-let or a 25% deposit for the residential transaction.

Comment

Aaron Strutt, product director at Trinity Financial, says: "Many borrowers like the idea of keeping their existing home and letting it out often for capital growth but also the rent. It is not always possible to arrange let-to-buy mortgages through one lender so arranging two mortgages at once can be tricky if you do not know which lenders to approach."

Call Trinity Financial on 020 7016 0790 to secure a let-to-buy mortgage or book a consultation

Santander offering five-times salary income multiple and 1.09% two-year fix for mortgages up to £1.5 million

Santander for Intermediaries is offering some of the most generous income multiples and the cheapest mortgage rates across the market. 

Santander's lowest rate is 1.18% for borrowers purchasing a property and 1.09% if you are remortgaging. Both rates are fixed until 1 July 2023 and revert to the lender’s 3.35% standard variable rate. The overall cost for comparison is 3% on the purchase deal and 2.9% APRC on the remortgage rate.  

There is a £1,499 arrangement fee for both products and applicants will need a 40% deposit to qualify. The minimum loan size is £350,000 and the maximum loan size is £1.5 million and there is also a free property valuation. 

Aaron Strutt, product director at Trinity Financial, says: “Over the last few weeks the lenders have improved their rates so borrowers with the largest deposits can secure two-year deals at just over 1%. The leading five-year fixes are available from 1.25%.

"Santander has one of the best interest-only policies, and it provides part interest and part capital repayment mortgages to help borrowers reduce their costs. The bank also offers five-times income to those earning between £45,000 and £99,000 and 5.5 times salary to those earning over £100,000 with a 25% deposit."

Santander is currently taking an average of 12 days to produce a residential mortgage offer rising to 19 days if you are self-employed. There are other lenders that are offering similar rates with faster processing times. 

Call Trinity Financial on 020 7016 0790 to secure a fixed-rate mortgage or book a consultation

How is the mortgage market coping with lockdown? Trinity's director Jed Newton answers some commonly asked questions

Is there time to complete a property purchase before the stamp duty holiday finishes?

From a mortgage point of view, this is easily achievable. Even with the lenders being slower than usual most will produce a mortgage offer soon enough to complete before the end of March.

The issue that will dictate whether people can complete or not will be the legal process, particularly the searches' availability. Many solicitors are saying it is too late now to complete before the end of March.

I hope that the Government will extend the stamp duty holiday for another six months.

Are you managing to help your self-employed clients to get mortgages?

At present some lenders are treating self-employed clients much more harshly than an employed client. This seems unfair, but I think this is largely due to the time it takes to underwrite someone who is self-employed compared to an employed applicant. 

There are still many lenders who are helping the self-employed, it is a case of matching the requirements and circumstances of the client to the lender’s criteria to get the right outcome.

How are you finding the lenders to deal with at the moment?

Some lenders have coped admirably with the challenges over the last nine months, and others have had complete service meltdowns. Some of the issues have been short term, while some lenders don’t really seem to have managed to get back on track.

The key part of the broking process is knowing which lender can provide an offer within the required timeframe. This means some lenders will not fit the bill especially if we need a faster offer for a motivated client.

Do you think fixed rates will get more expensive?

I do not think rates will change significantly for the most part, and if anything I think they may decrease when lenders are more able to cope with the volumes of business they are receiving. 

Hopefully the higher loan-to-value products will become more competitive as the 85% and 90% deals seem expensive now compared with a year ago.

Are you positive about the year ahead?

Always. This year will not be without its challenges, but ultimately I feel optimistic about the mortgage market, and it feels like there is a pent up demand from first-time buyers with small deposits.

Once there is a wider range of cheaper 90% ltv products and perhaps a return of the 95% ltv mortgages, I think this will open up the purchase market to many people who have been frozen out since the first lockdown.

What advice would you give to younger brokers to manage during this pandemic?

My advice to our younger brokers is always to pick up the phone and speak to clients. The overreliance on email and text communication means that customer service experience is diminished and clients are not always as informed as they could be during the process. 

A brokers role is to guide their clients and make sure that they fully understand the process. I think this is best done verbally. Use of video call or Zoom is even better for interacting with the client, so I encourage brokers to utilise these tools.

What would you like to see the lenders do over the coming months?

I hope that lenders can continue to improve their product offerings, criteria and their service standards over the coming months. It felt like the market was contracting for most of last year, and it is positive to see this reversing and lenders improving their products and criteria.

The support we have received from most lenders during the last nine months has been fantastic. They have dealt with challenges that they would never have thought they would have to, and we are very grateful to them for continuing to offer mortgages to our clients.

Jed Newton is a director at Trinity Financial and here is a link to his profile

Which lenders have the cheapest interest-only mortgages?

More of the banks and building societies provide interest-only mortgages and the cheapest deals are priced just over 1%. 

While many of the largest lenders like HSBC, Santander and Halifax supply interest-only mortgages at incredibly cheap rates, they have very different acceptance criteria. Some require borrowers to earn over £100,000 to qualify, while others do not have a minimum income, and some want a certain amount of equity in the property.  

Aaron Strutt, product director at Trinity Financial, says: "Many borrowers do not realise there are so many lenders offering interest-only mortgages and they are more widely available. If you do take an interest-only mortgage it is vital borrower make overpayments or have a plan to ensure the mortgage is repaid by the end of the term.  

"Santander for Intermediaries lowest interest-only mortgage is fixed for two-year at 1.25%, and it has a £999 arrangement fee. Applicants would need a 40% deposit to qualify the bank supplies full interest-only or part interest-only and part capital-repayment." 

To access Santander’s interest-only mortgages when an applicant(s) combined gross income is less than £100,000, the maximum income multiple is 4.45 times salary. If any part of the mortgage is on an interest-only basis, the maximum loan to value is 85%. 

For an applicant with a gross income of £250,000 or less, any lending over 50% loan-to-value must be on a capital and interest basis. Providing at least one applicant has a gross income of more than £250,000, the policy gets more generous, so any lending over 75% loan-to-value must be on a capital and interest basis. 

Coventry for Intermediaries is offering no minimum income interest-only mortgages, but the client will need to have a sufficient income to support an equivalent capital repayment mortgage. Borrowers will need a large deposit and have a minimum £300,000 equity left in their property after the mortgage amount required has been considered 

Call Trinity Financial on 020 7016 0790 to secure an interest-only mortgage or book a consultation  

Barclays back offering 5 or 5.5 times salary mortgages to borrowers earning over £75,000

Barclays for Intermediaries has reintroduced its 5 and 5.5 times single and joint salary mortgages in a positive move for the market.  

The bank pulled its income stretch options in September last year when the lender was close to breaching the Prudential Regulation Authority's rules. This was following the instability of mortgage completions caused by the coronavirus pandemic. 

Barclays offers 5 and 5.5 times salary income multiples to borrowers earning at least  £75,000 or £100,000 combined. However, if on a joint application one person earns £75,000 and say the other earns £15,000, that still qualifies them for the 5.5 times salary multiple.

To qualify for the more generous mortgages applicants will need a 20% deposit and a good credit score. If they do not meet the minimum income and deposit requirements, the income multiple is reduced to 4.49 x salary. 

More lenders have restarted offering better income multiples, and it is not so hard to borrow 5 times salary. Santander is another leading lenders offering 5.5 times salary to borrowers earning over £100,000 with a 25% deposit. 

Aaron Strutt, product director at Trinity Financial, says: "It is still good news that Barclays has eased its criteria and started offering these income multiples again, it was possible to borrow between five and 5.5 times salary before this change, but it was getting harder.

"Santander is one of the more generous lenders, but the likes of Kensington and Market Harborough Building Society provide five times salary mortgages to those earning over £100,000."

Platform for Intermediaries is part of The Co-operative Bank, and it is offering 5.5 times salary mortgages to professionals including fully qualified, registered and practising Solicitors, Barristers, Medical Doctors, Pharmacists, Accountants, Actuaries, Vets, Optometrists and Dentists who want to buy their first home or move property. They must have qualified within the last five years.

The minimum income requirement for the professional applicant is £35,000, joint applications are acceptable, but at least one applicant must be a professional, and the professional must meet the minimum requirement. 

Barclays for Intermediaries latest mortgage affordability calculation table: 

Source: Barclays for Intermediaries

Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation

Accord launches 5% deposit mortgage for first-time buyers

Accord offering 5% deposit mortgage again

Accord Mortgages is the first of the large lenders to relaunch a 5% mortgage back into the mainstream market following the withdrawal of many low deposit rates. The lender is not using the government guarantees made available by the chancellor during the last budget. 

Accord is offering a five-year fixed rate at 3.99% and it is available to first-time buyers buying houses, rather than flats or new build properties. There is a £999 arrangement fee, and the maximum loan size is £500,000. The rate reverts to the lenders 4.49% standard variable rate after the fixed period. 

Applicants will able to borrower 4.49x single or joint salaries and the maximum mortgage term is 40 years. To qualify at least one applicant must be a first-time buyer. Accord can accept gifted deposits and the lender is using bonus income for affordability purposes and the rate is available to the self-employed.  

Aaron Strutt, product director at Trinity Financial, says: “If you are planning to purchase your first property and you want a 5% deposit mortgage, you should seriously consider whether this product is suitable. If you can raise a 10% deposit, you will get access to a much wider range of shorter-term and cheaper rates. With a 10% deposit mortgage, the rates are likely to be priced around 3%. 

“We are expecting more of the lenders to start offering 5% deposit mortgages over the next few weeks and the rates may well be slightly cheaper.” 

Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation 

Source: Accord Mortgages and industry press

Which mortgage lenders are offering 5% deposit mortgages?

Accord Mortgages, Bank of Ireland and Skipton for Intermediaries are the first large lenders to step back into the low deposit market and offer five per cent deposit mortgages. 

Accord is offering a five-year fix at 3.99%, Bank of Ireland has a five-year fix at 4.05%, and Skipton has a long-term fix at 4.17%. First-time buyers will be able to borrow around 4.49 times single or joint salaries and borrow up to £500,000. The lenders can accept gifted deposits and may use bonus income for affordability purposes. Please check the table below for the reversion rates and APRCs.    

Aaron Strutt, product director at Trinity Financial, says: "Many first-time buyers expect the five per cent mortgages to be more widely available, but for the moment only a few lenders are offering them. TSB has announced it will launch new low deposit deals for first-time buyers and movers on 7 April.

"Some of the biggest banks and building societies are expected to provide five per cent deposit mortgages over the coming weeks as they use the chancellor's mortgage guarantee scheme. None of the lenders in this market at the moment have used the government's guarantee because they have been waiting to offer these deals for a while. They needed more competition in the sector before launching new products."

Should you take a five per cent deposit mortgage?

If you are planning to purchase your first property and want a five per cent deposit mortgage, you should consider whether these products are suitable and if you should save up for a bit longer. If you can raise a ten per cent deposit, you will get access to a much wider range of shorter-term and cheaper rates.

With a ten per cent deposit mortgage, the rates are likely to be priced around three per cent. Taking a five-year fix priced around four per cent is a big financial commitment and these products have early repayment charges.

Summary of the new rates and the general acceptance criteria: 

Accord Mortgages Bank of Ireland for Intermediaries Skipton Building Society  for Intermediaires
  • 5% deposit mortgage
  • 3.99% five-year fix exclusively for first-time buyers (at least one applicant must be a ftb).
  • Reversion rate 4.49% and 4.10% APRC
  • £995 arrangement fee and free property valuation
  • 4.49 x times salary income multiple
  • £500,000 maximum loan
  • Available to the self-employed
  • Not available on flats, new build properties or in Northern Ireland
  • 5% deposit mortgage
  • 4.05% - five year fixed term with no product fee
  • Reversion rate 4.09% and 4.20% APRC
  • Minimum loan size £150,000 and maximum loan size £500,000 (including fees)
  • Available to first-time buyers and movers, whether employed or self-employed, right across the UK. 
  • New 5% deposit residential product for first- time buyers only.
  • 4.17% five-year fix and no product fee
  • Reversion rate 4.64% and 4.60% APRC
  • Maximum loan amount is £450,000
  • 4.49 x times salary income multiple
  • 50% of additional income can be included (two years of evidence).

Source: Skipton, Bank of Ireland and Accord's email update

Call Trinity Financial on 020 7016 0790 to secure a first-time buyer mortgage or book a consultation