Mortgage for professional rugby player buying new family home
Case details
After explaining his financial situation to a number of high-street lenders, our client was disappointed that he couldn't secure a mortgage.
He had a contract with an Aviva Premiership club and also received a number of performance related bonuses.
Solution:
Many of the banks and building societies work out how much they lend sportsmen based on their age and anticipated retirement age.
Trinity approached a bank happy to offer sports professionals a mortgage, providing they have a good deposit and a track record of receiving income.
They also want to see proof that contracts have been renewed and be assured clients can afford the monthly repayments once they retire.
Property: Three bedroom house.
Mortgage amount: £250,000
Rate: Two-year tracker at 1.95% - 1.45% over the Bank of England base rate until 3/10/2016.
APR: 3.7%
Lenders arrangement fee: £995 product fee.
Mortgage term: 23 years.
Repayment type: Mortgage taken on a capital repayment basis.
Loan-to-value: 70%.
Reversion rate: Lender’s standard variable rate currently 4%.
Early repayment charge: 1% of the loan amount until 31/10/2015 and 0.5% until 31/10/2016.
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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