Last year’s bonus used to secure private equity worker a £650,000 mortgage
Case details
Our client asked for help to find a mortgage lender happy to take her bonus into account as she needed to borrow five-times salary to secure £650,000.
As a first-time buyer she initially approached HSBC for a mortgage, but they didn’t offer her enough money. She had a considerable bonus, but it wasn’t consistent enough over the last three years to meet their tight acceptance criteria.
Solution:
Some of the mortgage lenders are much more generous than others and Trinity approached a bank willing to lend against her last and highest ever bonus.
The bank was offering a leading two-year fixed capital repayment mortgage over a 33-year term in order to make the monthly repayments as affordable as possible.
Property: Two-bedroom converted flat
Mortgage: £670,000
Rate: 1.54% fixed rate until 30/04/2017
APR: 3.7%
Lender's arrangement fee: £1,995 product fee
Mortgage term: 33 years
Repayment type: Mortgage taken on a capital repayment basis
Loan-to-value: 70%
Reversion rate: Lender’s standard variable rate currently 3.99%.
Early repayment charge: 3% of the loan amount until 30/04/2015 and 1% until 30/04/2017
The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.
If you would like help to secure a leading mortgage rate, call Trinity on 020 7016 0790
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