£1.4 million mortgage agreed for managing director in a rush to buy new build home
Key features:
- £1.4 million mortgage agreed through bespoke lender
- 1.82% fixed rate
- Mortgage declined by high street building society
Our client
Our client is the managing director of a large technology firm and he was committed to buying a £2 million new build house. He was selling his home to the developer building his new property as part of the transaction.
Why was it difficult?
Many lenders were capping their lending at £1 million and would not take 100% of his bonus into consideration. The property was also a new build and most lenders wanted a physical valuation rather than a system generated valuation.
How did we help?
He had approached a large building society as his mortgage was already with them, but his application was at the underwriting stage for five weeks when he approached Trinity Financial.
The 1.82% fixed rate we secured for him was not quite market-leading but still incredibly cheap for a £1 million+ loan. The mortgage enabled our client to have the funds in place to purchase his new home.
What was the mortgage term?
The mortgage was taken on a capital repayment basis over a 30-year term. There is also the option to make overpayments.
What was the rate?
A fixed-rate of 1.82% until 30 June 2022. The rate reverts to the lender's standard variable rate of 4.09%. The overall cost for comparison is 3.8% APRC. The arrangement fee was £1,495 and early repayment charges apply until 30 June 2022.
Call Trinity Financial on 020 7016 0790 to secure a larger mortgage or book a consultation
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