£2 million mortgage agreed to purchase large country house with two self-contained cottages and 10 acres
Trinity Financial recently helped the CEO of a multinational company to purchase a large country home for him and his family.
The property they had agreed to buy was deemed unsuitable security for most mainstream lenders, and the client had been told he should get a mortgage from a private bank.
Rather than approaching a private bank and potentially paying higher rates and larger arrangement fees, he contacted Trinity Financial. He wanted us to find him a tracker rate without early repayment charges.
Our client had relatively straightforward finances so we knew it would be easier to find a lender for him if he were buying a more standard property. But he wanted to purchase the £5 million+ large country house with two self-contained cottages and 10 acres.
How did we help?
Trinity Financial’s broker researched all the options available to our client and found a high-street lender offering the most competitive rates, subject to a satisfactory property valuation. We also found a private bank keen to provide a good mortgage rate with flexible features.
Once we put the options to our client, he was happy for us to submit an application to the high street lender offering the lowest tracker rate without early repayment charges. It also had a low £999 arrangement fee.
The bank sent a valuer to the property within a matter of days, and the mortgage was agreed following positive feedback. There was a massive saving on the rate and fees by taking a gamble on the property valuation from the well know high street lender. This was an informed gamble as our broker spoke at length to our contact at the bank and “sense-checked” the application with an underwriter.
The mortgage was agreed on an interest-only basis due to the term being short. The client is relatively close to retirement age so a repayment mortgage was not affordable. The mortgage offer was agreed within five working days of the application submission date.
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