£2.5 million private bank mortgage for film producers moving home
What was the situation?
Our clients asked for help to secure a £2.5 million mortgage to purchase a £3.3 million home in South London. They had sold their property and wanted a large mortgage loan.
The professional couple were film and television producers. They had spoken to another bank that was keen to issue them a mortgage, but they were not happy with the rate and wanted to check the market to see if any other lenders offered cheaper deals.
Were their finances complex?
They needed a mortgage lender to calculate their current and future contracted income rather than their latest tax return year ending 2023 for mortgage affordability.
They also required a lender to offer larger mortgages using foreign currencies at competitively priced rates. They were keen to ensure that most of their mortgage was on interest-only to reduce their monthly costs.
High street lenders vs private banks
After assessing our client's options and reviewing the high-street mortgage lenders, Trinity’s broker approached a private bank offering larger mortgages to higher earners. The lender was happy to use their income from contracts and the US Dollar income.
Was the mortgage offered on interest-only or capital repayment?
The private bank issued £1.5 million of the mortgage on interest-only and the remaining £1 million on capital repayment. Up to 10% of the outstanding capital balance could be overpaid each year without charge.
Was the rate particularly good?
Yes, compared with his current offer. As mortgage rates fell, Trinity’s broker also reduced the rate post-offer and pre-exchange of contracts.
They took a two-year fixed rate priced around 5.25%. The arrangement fee was £12,000.
Lending solutions with Trinity Financial
Are you looking to remortgage and need 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.
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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