£600,000 mortgage agreed in a day for client in a rush after exchanging contracts without mortgage in place

by Aaron Strutt

Nov 06 2020

Key features:        

• Client had exchanged contracts without a mortgage offer
• Five-times salary £600,000 mortgage agreed in a day
• Automated property valuation used to speed up application process   

Our clients        

Our client called to ask for help to secure a fast mortgage offer. He had agreed to purchase a house and exchanged contracts without finance in place. He was due to complete on his £700,000 purchase in three weeks and needed a £600,000 five-times salary mortgage. 

After calling his bank to ask for a mortgage, he was told by the lender it would not be able to offer him a large enough mortgage because it had reduced its income multiples.

He was an employed chartered surveyor working for a firm in London, with a clear credit history and a £100,000 deposit.   

How did we help?      

Trinity's broker contacted the client on a Sunday as this was the most suitable time for him to talk. After getting the information he required, he approached one of the big lenders offering decent rates, super-fast mortgage offers as well as five-times salary.

The mortgage was agreed over the phone with the lender in principle on Monday morning, and once our broker received the client's fact find form and the supporting documents he applied. The application was submitted on a Tuesday evening and offered on Wednesday afternoon. 

Why was it difficult?

Hardly any of the lenders are providing five-times salary income multiples or mortgage offers in a week, let alone a day.  

What was the rate?        

A 2.95% rate fixed until 31/12/2025, and after the fixed period it reverted to the banks 3.59% standard variable rate. The overall cost for comparison is 3.5% APRC. The arrangement fee was £1,499, and early repayment charges applied. The mortgage had a 35-year term.       

Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation