£1.3 million part interest-only mortgage agreed on steel construction property
Trinity Financial arranged a £1.3 million mortgage on a part interest-only basis for a couple buying a steel framed property.
Both applicants were higher earners working as an IT manager and a solicitor for a large firm.
One borrower could not apply to Barclays due to a conflict of interest through work, but apart from that their financial situation was relatively straightforward.
Why did they need your help?
The property they had agreed to buy was steel framed construction and their application to one large bank was rejected because there was no warranty when it was built. This was even though it was built over ten years ago.
At the time of application, the choice of fixed rates was reduced, and the most competitively priced products were discounted rates.
The couple wanted part of the mortgage to be on an interest-only basis to keep their costs low, while still making some capital repayments. They planned to make use of the annual ten per cent overpayment facility.
A mortgage offer was produced seven days after the application to the building society was submitted.
Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation.
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