£525,000 mortgage offer for house purchase produced in 24 hours
Trinity Financial recently arranged a £525,000 mortgage for a couple in just over 24 hours.
Our clients were keen to act quickly and secure a mortgage after their bid on a property was accepted. We had already arranged for their existing home to be remortgaged onto a buy-to-let and released funds to use as a deposit.
Both applicants were employed and working in London, they also received bonus income.
Trinity’s broker submitted their application to a large high street bank and as they have a good credit score and sufficient income, the application went through very quickly. The mortgage was submitted at 3pm on a Wednesday and the offer was produced the following afternoon.
The bank was happy to complete a desktop survey and did not inspect the property so our clients arranged their structural survey.
As they wanted longer-term payment security, our broker recommended a fanatically priced five-year fixed rate at 2.14%.
Case details
Value: £640,000
Mortgage: £524,800
Rate: 2.14% fixed until 02/04/2024
Reversion rate: The bank’s standard variable rate currently 4%.
The overall cost for comparison is 3.32% APRC representative.
Lender’s arrangement fee: £999
Mortgage term: 25 years
Repayment type: Full capital repayment
Loan-to-value: 82%
Early repayment charge: Yes - for five years
Overpayments: Up to 10% per year without charge
Representative example: An interest mortgage of £524,800 payable over 25 years, initially on a 2.14% fixed rate until 02/04/2024 and then on a standard variable rate (currently 4%) for the remaining 20 years, would require 61 monthly repayments of £2,260.33 followed by 239 monthly repayments of £2,670.76. The total amount repayable would be £777,576.77 made up of the loan amount, plus interest (£251,391) and £999 (product fee), £225 (final repayment charge), £35 (completion fee). The overall cost for comparison is 3.32% APRC representative.
The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.
Call Trinity Financial on 020 7016 0790 to secure a fast mortgage offer
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