£2 million mortgage for fund manager buying flat in Notting Hill
What was the situation?
Trinity Financial recently received an enquiry from a partner in a private equity firm who wanted to buy a flat in Notting Hill.
The property was on the market for £4 million, and he needed a £2 million mortgage. He worked in private equity, was self-employed, ran an LLP, and received a profit share. He had a large salary and regular payments.
He had a budget that he wanted to stick to and planned to take an interest-only mortgage that tracked the Bank of England base rate without any early repayment charges.
He also wanted a prompt mortgage offer, as the seller planned to complete the sale as soon as possible.
What was the solution?
Once we received our client’s SA302 and understood his financial situation, our broker researched the market to find a flexible mortgage lender.
He found a lender offering competitively priced tracker mortgages without early repayment charges.
We recommended a mortgage from a large bank known for issuing larger loans with competitively priced rates.
We recommended our client take out a part-and-part mortgage, with £1.35m on interest-only and £650,000 on capital repayment. This was because the monthly costs met his budget and ensured a chunk of the mortgage was repaid.
The tracker was 0.36% over the Bank of England base rate and had no early repayment charges. This meant he had the flexibility of switching to a fixed rate or repaying the mortgage and moving home without having a hefty fee.
The lender assessed his last two years' profits using the income on his SA302 and issued a mortgage offer within two weeks, which helped him complete the purchase within two months.
Lending solutions with Trinity Financial
Are you looking to buy a property and require expert advice? We’re here to help you find a solution – no matter how complex your circumstances. At Trinity Financial, our expert brokers have extensive experience providing creative solutions to secure mortgages for our clients.
We work closely with our trusted network of private banks and high street and specialist lenders to arrange bespoke mortgages to suit your circumstances.
Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation
The information contained within was correct at the time of publication but is subject to change.
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