£1 million mortgage to purchase rented home in London
Case details:
Our client approached his landlord and made a successful bid to purchase the property he has been renting in London.
In order to complete on the purchase he needed to secure a £1 million mortgage and borrow 5.5 times his income.
Solution:
We approached a lender offering generous large mortgage loan rates for borrowers requiring an income stretch.
The specialist department of the large high-street lender we submitted the application through produced a fast mortgage offer so the transaction completed quickly.
Property: £1,300,000
Rate: Two-year fixed rate at 2.75% until 31/09/2016
APR: 3.8%
Loan amount: £1,000,000
Lenders arrangement fee: £999 added to the loan amount
Mortgage term: 31 years
Repayment type: Capital repayment
Loan-to-value: 76%
Reversion rate: 3.49% over the BBBR, currently 3.99%
Early repayment charge: 3% until 31/09/2016
The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.
If you would like help to secure a mortgage to purchase a property, call Trinity on 020 7016 0790. You can also email: enquiries@trinityfinancialgroup.co.uk
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