£900,000 part interest-only mortgage for couple with affordability issues and kids in private school
Trinity Financial recently helped a couple with mortgage affordability challenges to secure a £900,000 mortgage.
They had found a new property to buy but they had some debt on credit cards and a loan, plus two kids in private school.
The primary income earner worked in banking, and his partner was self-employed. They were selling their existing house and moving up the property ladder.
Why did they need our help?
After finding our details online and having an offer accepted on a new property, they decided it would be easier to get a broker to arrange their mortgage. They knew their credit commitments could cause issues despite their large combined salary.
They wanted us to find them a lender offering a reasonable rate and the full £900,000. Their house sale generated a £400,000 deposit.
How did we help?
Trinity’s broker researched the market to find a lender with reasonable rates and generous affordability rules. After running the mortgage affordability calculations, many lenders confirmed they would not issue enough money. She approached a large bank with a specific broker team, which allows advisers to discuss their client's financial positions and explain why they should issue a mortgage.
After explaining that our clients have borrowed funds for home improvements and provided a track record of the bonuses they receive, the lender offered the full £900,000.
The bank allowed part of the mortgage to be taken on interest-only and part on capital repayment to make the mortgage repayments more affordable. The lender also said they needed to take a five-year fixed rate for the longer-term payment security.
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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