£600,000+ mortgage for family buying new build house with 15% deposit

by Aaron Strutt

Nov 10 2017

Our clients asked for help to secure a mortgage to purchase a new build house with a 15% deposit.

They planned to move out of London into a bigger property, but required a mortgage at just over five times their joint income. They also wanted it to be spread over a longer term.

Solution

Trinity Financial has access to a selection of lenders offer 15% deposit new build house mortgages, but they typically limit the income multiples to five times salary.

Our broker sourced a large high street bank providing new build mortgages and up to 5.5 times salary loans. The mortgage was taken on a 35-year basis to spread the cost and minimise the monthly repayments.

The mortgage offer was produced within 10 days, and the bank even provided a free property valuation.

Case details

Property type: New build

Value: £740,000

Mortgage: £629,000

Rate: 1.40% fixed until 31 October 2019

Reversion rate: The bank’s standard variable rate, currently 3.74%.

The overall cost for comparison is 3.5% APRC representative.

Lender’s arrangement fee: £1,499

Mortgage term: 35-years

Repayment type: Full capital repayment

Loan-to-value: 85%

Early repayment charge: Charges apply until 31 October 2019.

Overpayments: Up to 10% per annum without charge.

Representative example: A mortgage of £629,000 payable over 35 years, initially on a fixed rate until 31 October 2019 and then on a variable rate of 3.74% for the remaining 33 years, would require 26 monthly repayments of £1,899.75 followed by 394 monthly repayments of £2,645.71. The total amount repayable would be £1,092,584.24 made up of the loan amount, plus interest (£461,304.24) and fees of £1,499. The overall cost for comparison is 3.5% 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 15% deposit new build property mortgage