£290,000 mortgage for 25 square metres studio flat in central London
Case details
After finding a studio flat in Bloomsbury our client was keen to find out whether it was possible to secure a mortgage before making an offer.
As the flat has a floor space of 25 square metres, he knew this could potentially be an issue with some lenders.
Solution
In order to make sure the mortgage went through as smoothly as possible, our broker spoke to a local surveyor before submitting the mortgage application. This enabled him to find out if the property was suitable security for the lender.
Once the surveyor valued the property and confirmed he had no issues with its re-sale value, the application was submitted. A mortgage offer was produced within 10 working days.
Trinity has access to a host of banks and building societies offering studio flat mortgages. They will typically expect the property to be in good condition and in a nice location.
Source: Website enquiry
Property: Studio flat in central London
Value: £340,000
Mortgage: £289,000
Rate: 2.64% fixed until 31/12/2018
The overall cost for comparison is: 3.7% APR.
Reversion rate: Standard variable rate currently 3.99%
Lenders arrangement fee: £995
Mortgage term: 23-year term
Repayment type: Full capital-repayment
Loan-to-value: 85%
Early repayment charge: 3% before 31/12/2017, 1% before 31/12/2018
The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.
For help to secure a studio flat mortgage, call Trinity on 020 7016 0790.
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