£800,000 mortgage for next-time buyer clients with let properties in the background
Key features:
- 1.74% three-year fix
- £800,000 mortgage with a 15% deposit
- Next-time buyers with properties in the background
The clients:
Our clients were both next-time buyers purchasing their first property together with permission to let on their respective homes. They both worked in the banking industry.
What were they looking for?
They had found a property they wanted to purchase and had an offer accepted. They wanted the lowest possible rate using five-times joint income using a large percentage of an annual bonus.
Why was it difficult?
Many lenders take background mortgages with consent-to-let into account for affordability purposes reducing the maximum loan size.
How did we help?
Trinity’s broker found a lender to provide £800,000 over a 35-year term to make the monthly repayments more manageable. As the clients wanted to act quickly, we also used a lender offering great rates and fast mortgage offers.
What was the rate?
The 1.74% rate was fixed until 31 March 2023, 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 3.58% APRC.
Call Trinity Financial on 020 7016 0790 to secure a larger mortgage
Get started today
Speak to one of our mortgage experts. Book an appointment to come and see us or request one of our experts to call you.
