£800,000 mortgage for rapper and music producer buying first home
Trinity Financial recently had an enquiry from a high-profile rapper and music producer.
He had found a stunning detached house with land to buy in Surrey priced around £1.5 million and needed an £800,000 mortgage.
Did he have a complex situation?
Yes. His most recent limited company accounts were lower than in the previous year. His income increases when he goes on tour and releases albums, but he does not do this every year. He had proof of upcoming album releases and tours and needed a lender to use these contracts.
Why did they need your help?
While many lenders offer mortgages to self-employed music artists and producers, they can be pickier when the latest year is lower than the previous year. They also want to know if their income is sustainable.
Trinity’s broker approached a range of lenders offering the most competitively priced rates to the self-employed and she discussed the application with a range of mortgage underwriters.
Did we struggle to find a lender?
Finding a lender comfortable with his company accounts was challenging, although our broker was determined to find one. After making numerous phone call to one of our contacts, Trinity’s broker found a well-known bank willing to lend the full £800,000.
She submitted an online application to the bank, and the mortgage offer was produced within three weeks.
The rate was higher than some of the other rates available, at just over 5%, but it was competitively priced. There was a £1,995 arrangement fee.
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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