£1.5 million mortgage for clients with 20% deposit moving out of London
- £1.5 million mortgage secured with 20% deposit
- Large property with land
- 1.95% two-year fix
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 rate. The 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