£450,000 mortgage for IT contractor buying a flat in London
Case details
As an IT contactor working for a large bank in London our client was keen to find a lender offering leading rates and fast mortgage offers.
He had recently signed a new contract and started working under an umbrella company earning a good daily rate.
Solution:
Trinity approached a bank happy to offer IT contractors a mortgage even if they have just signed a new contract. They wanted to understand who the client had worked for and confirm they have experiance as a contractor.
In order to work out how much the client was paid the bank used the calculation of the daily pay rate x 5 x 46 weeks. They then used their standard income multiples of up to 4.5 times salary.
Property: Flat in London
Value: £570,000
Mortgage: £450,000
Rate: Fixed rate at 2.04% for two-years
APR: 3.7%
Reversion rate: Lenders standard variable rate, currently 4%
Lenders arrangement fee: £999 product fee
Mortgage term: 25 years
Repayment type: Mortgage taken on a capital repayment basis
Loan-to-value: 79%
Early repayment charge: 2% if the mortgage is repaid before 1/08/2016 and then 1% before 01/08/2017.
The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.
Call Trinity to secure an IT contractor mortgage on 020 7016 0790.
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