£700,000 mortgage for four professionals buying house together in Cambridge
Four borrowers who agreed to buy a property together approached Trinity Financial for help to secure a mortgage.
They had been renting in Cambridge and wanted us to find them a mortgage lender who would accept multiple names on an application.
Our clients were young professionals working as university lecturers and scientists. They had saved a deposit to buy a property together to get a larger, more centrally located home.
They wanted a £700,000 mortgage and had a 15% deposit.
Did they have a complex situation?
As the four friends were purchasing a property together, there were fewer lenders to choose from, but there was still a fair selection.
Trinity’s broker had Zoom meetings to collate the information needed to submit an application and explain the mortgage process. She sent them our online fact-find link so they could upload documents to our secure client portal.
Did we struggle to find a lender?
Based on the mortgage amount they needed to borrow after the initial research, we determined their income would be sufficient to meet affordability. They only needed two of the salaries to secure the mortgage.
Many lenders would accept four applicants on a mortgage, especially if they did not use all their salaries.
Was the rate particularly good?
They opted for a two-year fixed rate priced just over 5% with a large bank over a 30-year term. They hope fixed rates will reduce over the next year or so, and they could switch to a marginally cheaper product.
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.
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