£950,000 mortgage for German client using five-times salary and 100% of quarterly variable bonus
Key features:
- £950,000 mortgage for German client
- He was living in the rental property he was buying
- 10% deposit and five-times salary
- Mortgage provided by lender not available to most brokers
The client:
Our client worked for a multinational firm in Germany for ten years and relocated to the company's London office.
He found a property he wanted to buy and unusually the vendor allowed him to rent it providing he purchased the house within three months.
What was he looking for?
A £950,000 mortgage to purchase a £1.3 million detached property with a 10% deposit.
He wanted guidance to find a mortgage because he had recently moved to the UK and did not have a credit footprint.
Why was it difficult?
As he was already living in the property, many of the lenders were not keen to provide a mortgage. He also required a five times salary product using 100% of his variable bonus paid every quarter.
How did we help?
Trinity approached the bespoke lending department at a high street bank not available to most brokers.
Even though our client’s bonus was not guaranteed, he had a wife who was looking for a job and a young child, the lender agreed to provide a five-times salary mortgage using his basic and bonus income.
We secured a £950,000 mortgage even though the client had a 10% deposit.
What was the rate?
A fixed-rate of 1.87% until 30 June 2021. The overall cost for comparison was 4.4%.
The product had a £995 arrangement fee and after the fixed period reverted to the lenders 4.74% standard variable rate.
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