£500,000 remortgage for self-employed limited company director with accounts over 18 months old
What was the issue?
Trinity Financial recently arranged a £500,000 remortgage for a self-employed limited director keen to switch lenders.
Her fixed-rate mortgage was coming to an end, and she wanted a more competitive price rate on interest-only rather than capital repayment. The idea was to lower her monthly costs for a while and then potentially switch back to capital repayment.
She had not submitted her latest company accounts because they were not due, but they were more than a year and a half old. The issue is most lenders need more up-to-date figures to issue a mortgage offer.
How did we help?
Trinity’s broker researched the mortgage market and found a large high street bank with more criteria for company directors. They used the latest SA302 and tax year overview as proof of income rather than the more standard net profits and salary.
How much was on interest-only?
The mortgage was issued on full interest only over a 20-year term. Our client opted for a five-year fixed rate priced just over 4.3% for the longer term payment security and it has a £999 arrangement fee.
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The information contained within was correct at the time of publication but is subject to change.
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