Fast mortgage offer to purchase investment property in Shoreditch
Our clients asked for help to secure a fast mortgage offer to purchase an investment property in Shoreditch.
They were under pressure to complete after the previous buyer pulled out of the purchase to pursue a different house.
Solution
Trinity’s adviser approached a bank with excellent processing times and secured a mortgage offer in five working days. This enabled the clients to complete on the property within one month with the help of their fast moving solicitor.
The bank offered a competitively priced fixed rate mortgage with a relatively low arrangement fee, and a free property valuation.
As the clients were lawyers working in London, they comfortably met the £25,000 minimum income requirement. The rental income was also sufficient to get a large enough loan.
Case details
Property: House in Shoreditch
Value: £900,000
Mortgage: £605,000
Rate: 2.39% until 2 November 2018.
The overall cost for comparison is 4.3% APR.
Reversion rate: The lender’s standard variable rate, currently 4.49%.
Lender’s arrangement fee: £1,995
Repayment type: Interest-only
Loan-to-value: 67%
Early repayment charge: 3% early repayment charges until 2 November 2018.
Overpayments: 10% payment per annum without charge.
The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.
To arrange a buy-to-let mortgage call Trinity Financial on 020 7016 0790.
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