£585,000 mortgage for first-time buyer
Case details
Our client initially applied directly to a large high street lender but struggled to get a mortgage.
As a first-time buyer who lost the first property he agreed to buy because of his bank’s slow processing times, he wanted help to secure a fast mortgage offer.
He received a salary where part of his income included a bonus and was keen to find a lender happy to take his overall income into consideration.
It was important the client secured a low rate with a longer mortgage term to minimise the monthly repayments.
Solution:
As our client was keen to secure a fast mortgage offer in order to purchase his first property, we approached a high street lender with a specialist broker division.
They were happy to use a percentage of his bonus income and they also agreed the property was of sufficient security to provide a £585,000 mortgage.
The rate was competitively priced and the mortgage was taken over a 35 year term to minimise the monthly repayments.
Property: Flat in Central London
Value: £750,000
Mortgage: £585,000
Rate: 1.94% fixed rate until 30/09/2017
APR: The overall cost for comparison is 3.8% APR
Reversion rate: The lender’s standard variable rate, currently 3.99%
Lender's arrangement fee: £999
Mortgage term: 35 year term
Repayment type: Full capital repayment
Loan-to-value: 80%
Early repayment charge: 2.75% of the loan before 30/09/2016, 1.1% of the loan amount before 30/09/2017
For help to secure a mortgage to purchase a property, call Trinity on 020 7016 0790.
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