100% of commission used to secure estate agent £500,000 mortgage
Case details
A London-based estate agent required help to find a lender willing to take 100% of his commission payments into consideration for a mortgage.
Working as an estate agent, up to 50% of his salary was generated through property sales and his salary fluctuated.
Solution:
Many of the banks and building societies will take 50% of commission income into consideration when working out how much they will lend. Although, providing clients have a track record of receiving the payments there are lenders willing to help.
Our expert mortgage adviser approached a large high street bank with low mortgage rates and fast processing times. He submitted the application on receipt of the clients completed fact find and identification documents.
Source: Website
Property: Four bedroom house in London
Value: £1,400,000
Mortgage: £500,000
Rate: 2.19% fixed until 30/09/2017
APR: 3.7%
Reversion rate: Standard variable rate currently 4%
Lenders arrangement fee: £995
Mortgage term: 35-year term
Repayment type: Full capital repayment mortgage
Loan-to-value: 35%
Early repayment charge: 2% before 30/09/2016 and 1% until 30/09/2017
Overpayments: Up to 10% of the outstanding balance can be repaid per year without charge.
The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.
For help to secure a commission income mortgage, call Trinity on 020 7016 0790.
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