£999,999 mortgage for accountant with 10% deposit and property on the market
Key features:
- £999,000 mortgage with 10% deposit
- Five-times salary required
- Mortgage agreed through lender not available to most brokers
The client:
Our client was an accountant working for a large London based firm with his current home on the market. He had found a four-bedroom house he wanted to purchase but did not have a buyer.
What was he looking for?
He was looking for a lender to allow him to have two residential mortgages until he sold his house. He also required a 90% loan-to-value mortgage to purchase the £1,100,000 property using a five times salary income multiple.
Why was it difficult?
Most lenders do not let borrowers have two first charge residential mortgages (unless it’s a second home). It can also be challenging to find a lender willing to provide a 90% loan-to-value mortgage over £750,000.
How did we help?
Trinity’s broker contacted the specialist lending team at a bank providing bespoke mortgages.
The lender agreed to provide a five-times salary mortgage on the condition our client provided evidence that the property was on the market, and its existing mortgage would be repaid once it was sold.
What was the rate?
The lender charges a range of prices depending on the maximum loan size. By borrowing £999,999 rather than £1,000,000, the rate was cheaper.
The fixed-rate was 2.73% from completion up to and including 31 December 2021. After 31 December 2021 the rate changes to the lender’s standard variable rate, currently 4.74%, for the remaining mortgage period. The APRC applicable to your loan is 4.5%.
Call Trinity Financial on 020 7016 0790 to secure a large mortgage
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