£1 million mortgage for London law firm owner
Case study
Our client asked for help to secure a £1,000,000 mortgage to purchase a large property in London.
She was keen to secure a fast mortgage offer on a longer term fixed rate and on an interest-only basis.
As the client was approaching her 61st birthday she also requested as reasonable mortgage term.
Solution
As the owner of a London law firm our client earned a generous salary and she owned a number of other investment properties.
The lender we arranged the mortgage through has a generous interest-only policy so borrowers earning more than £100,000 qualify if they have a 25% deposit. And they have a valid repayment vehicle.
We secured a nine-year mortgage term to take the client up to their 70th birthday. They planned to repayment the debt through bonuses and the sale of the property.
Property: Four bedroom house in London
Value: £1,400,000
Mortgage: £1,000,000
Rate: 2.83% fixed rate until 31/12/2020
The overall cost for comparison is 3.3% APR
Reversion rate: Standard variable rate - currently 4%
Lenders arrangement fee: £995
Mortgage term: 9-year term
Repayment type: £700,000 on interest-only and £300,000 on full capital repayment
Loan-to-value: 71%
Early repayment charge: Decreasing each year from 5% 4% 3% 2% 1% - until 31/12/2020.
Overpayments: Up to 10% of the outstanding balance can be repaid each year without charge.
The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.
If you would like help to secure a large mortgage loan, call Trinity on 020 7016 0790.
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