£670,000 mortgage for first-time buyer keen to make lump sum overpayments

by Aaron Strutt

Nov 10 2024

Trinity Financial recently arranged a £670,000 mortgage for a first-time buyer purchasing an £800,000 property.

He worked as a technical manager at a bank and was keen to make lump sum overpayments using his bonuses while still having the security of a fixed rate.  

Did he have a complex situation?

Our client was looking for a five-times salary income multiple. He was employed, had a track record of his income, and had a good idea of his preferred lenders.

He wanted a mortgage with a more generous overpayment facility than the standard 10% allowance to reduce the outstanding balance quickly. He also wanted a competitively priced two-year fixed rate.

How did we help?

Trinity's mortgage adviser researched the market and confirmed that the lender our client considered using was offering the most competitively priced rates. The bank recently increased its overpayment facility, so 20% of the mortgage balance could be overpaid in a year.

After submitting the case, the lender offered the required five times salary income multiple and produced a mortgage offer within five working days.

Was the rate particularly good?

Trinity's broker arranged a two-year fixed rate of just over 5%. Like many borrowers taking a shorter-term fix, they hope to swap to a cheaper deal if rates come down.

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.

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.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage