£550,000 mortgage for IT contractor with limited company and 10% deposit
Key features
- £550,000 mortgage for client with 10% deposit
- IT contractor with less than three months left on his current contract
- Told by his bank to use a broker to get better terms
Our client
Our client was a day rate contractor who had been running his own limited company for two years. He had found a property in Scotland he wanted to buy but needed a 10% deposit mortgage. He called his bank to ask them to provide a mortgage, and they told him to find a broker to get a more generous deal.
How did we help?
As he had a limited amount of time left on his existing contact, our broker needed to find a flexible lender offering 10% deposit mortgages.
At the time not all of the providers were back in the low deposit market. We used the client's salary and dividends to secure a more generous loan size rather than simply the day rate and it was agreed through a broker-only lender.
What was the rate?
A 3.63% rate fixed until 30/06/2023, and after the fixed period it reverted to the banks 4.49% standard variable rate. The overall cost for comparison was 4.4% APRC. The arrangement fee was £495, and early repayment charges applied. Up to 10% of the mortgage could be repayment each year without charge.
Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation
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