£620,000 mortgage on new build flat in Islington offered in two days
Key features:
- £620,000 new build mortgage with 25% deposit
- 1.55% five-year fix
- Fast mortgage offer produced in two days
The clients:
Our clients were first-time buyers renting in London and they both worked as management consultants. They had found a property they wanted to buy and had a gifted deposit from their parents.
What were they looking for?
They had an offer accepted on a new building property in Islington, they had paid a reservation fee and needed to exchange and complete within three weeks.
Why was it difficult?
It was tricky because the client needed a fast mortgage offer on a new build development and many lenders have already reached their exposure limits on.
They had applied directly to a bank for a mortgage but were not confident they could get an offer in time. Trinity's broker also managed to secure them a more competitively priced rate.
How did we help?
After meeting the client at our Mayfair based office, Trinity’s broker applied to a lender providing fast mortgage offers at incredibly cheap rates.
The application was submitted on a Friday afternoon, a physical valuation was carried out on Monday morning and mortgage offer was issued Monday afternoon.
What was the rate?
The 1.56% rate was fixed until 31 March 2025 and it had a £999 arrangement fee. After the fixed-rate period, the mortgage reverts onto the lender’s standard variable rate, currently 4.24%, for the remaining mortgage period. The overall cost for comparison is 3.55 APRC.
Call Trinity Financial on 020 7016 0790 to secure a large interest-only mortgage
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