£660,000 interest-only mortgage for self-employed consultant
Our client was keen to buy a new family home. He asked us to arrange a mortgage to top up the deposit he generated through the sale of his existing house.
He worked on a self-employed basis and was keen to ensure his company accounts would be acceptable.
Case details and solution
As his company has been trading for three-years and he had accounts, they were sufficient for one of the largest high-street lenders still happily offering interest-only mortgages.
We were able to secure him a leading five-year fixed rate and ensure the lender was comfortable with the way he is paid.
Property: House valued at £1.3 million and located in Oxford.
Loan amount: £670,000.
Lenders arrangement fee: £995 and added to the loan amount.
Rate: Five-year fixed rate at 3.05%.
Reversion rate: 3.49% over the Bank of England base rate for the remainder of the mortgage.
APR: The overall cost for comparison is 3.7%.
Term: 25 years.
Repayment type: The mortgage taken on an interest-only basis.
Loan-to-value: Approximately 50% of the property value.
Early repayment charge: 3% of the loan amount paid for two-years. Up to 10% overpayments can me made each year without charge.
The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.
If you would like help to secure a mortgage to purchase a property, call Trinity on 020 7016 0790. You can also email: enquiries@trinityfinancialgroup.co.uk
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