£1 million mortgage for city trader buying large home
Key features:
- £1 million mortgage to purchase new home
- 1.39% three-year fixed-rate
- Interest-only with longer mortgage term
Our client
Our client had found a property to purchase and wanted help to secure a £1 million mortgage on a competitively priced rate. He had a large gifted deposit to put towards the £2 million property.
Why was it difficult?
He was looking for an interest-only three-year fixed mortgage and he needed a fast mortgage offer because he had a short completion deadline. For his mortgage to be accepted he required a lender to use his latest years bonus and he requested a 35-year term.
How did we help?
Our broker secured one of the most competitively priced three-year fixed rates for larger mortgage loans. After receiving the client's documents he called the bank and got the application agreed. The mortgage offer was produced within seven days.
The bank agreed on a 35-year term with the option to make 10% overpayments each year without charge.
What was the rate?
A fixed-rate of 1.39% until 30/06/2023. The rate reverts to the lender's standard variable rate of 3.74%. The overall cost for comparison is 3.5% APRC. The arrangement fee was £999 and early repayment charges apply for the full fixed rate term.
Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation
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