£5 million mortgage to fund purchase of country house with 50 acres
Trinity Financial recently arranged a mortgage of just over £5 million to help our client purchase a country house with 50 acres.
He worked in financial services and wanted a tracker rate on interest-only. He regularly received bonuses.
Why did he need our help?
Our client had been looking for properties and found a stunning home near Guildford. He wanted to act quickly and secure a mortgage to complete the purchase as soon as possible.
We secured a tracker rate with unusual mortgage terms
Trinity Financial’s broker approached a private bank, and after assessing the property and his finances, they agreed to lend 90% of the property value and 50% of the land value.
The bank issued a two-year tracker rate at just over 2% over the Bank of England base rate without early repayment charges. The product had a 1% arrangement fee.
As our client received regular bonuses and we secured him a flexible mortgage, he was planning to make regular overpayments and remortgage to a fixed deal when they are more competitively priced.
Is it easy to get a mortgage on a property with lots of land?
Some lenders are happy to provide mortgages on houses with land. Our client’s property had a separate cottage, stables, and a swimming pool. Most lenders will not lend 90% of multi-million property purchases and on interest-only. Banks often do not lend to properties with outbuildings or commercial agreements, like farms or fields let to local farmers.
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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