£550,000 mortgage taken over 32 year term to lower monthly repayments
Case details
Our client was keen to purchase a new family home and asked us to secure a fast mortgage offer.
As he needed to borrow over £500,000 he wanted us to approach a lender with generous income multiples.
He also wanted a lender offering low rates so that he could keep his monthly repayments as low as possible.
Solution:
Trinity sourced a leading tracker mortgage and approached a lender happy to instruct the property valuation quickly to increase the speed of the application.
The lender was happy to offer over four times salary for £500,000 plus mortgages and take into consideration a mixture of salary and bonus income.
They were also happy to offer a 32 year mortgage term to make the monthly repayments as affordable as possible.
Property: Four bedroom house in Kent.
Mortgage: £550,000.
Rate: Two-year tracker rate at 2.14% - 1.74% over the Bank of England base rate.
APR: 3.8%
Lenders arrangement fee: £995 product fee and £265 lender admin fee.
Mortgage term: 32 years.
Repayment type: Mortgage taken on a capital repayment basis.
Loan-to-value: 85%.
Reversion rate: Lenders standard variable rate currently 3.99%.
Early repayment charge: 3% of the loan amount in year one, and 1% in year two.
The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.
If you would like help to secure a leading mortgage, call Trinity on 020 7016 0790
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