French couple with limited credit history secure £550,000 mortgage
Case details
An estate agent contact of Trinity’s asked us to help his clients to secure a mortgage.
As they moved from France less than a year ago they thought it would be better to get help to navigate the market and obtain a competitive rate.
As one of the borrowers was the managing director of an energy firm, they had a sufficient income to qualify but their credit score was limited.
Solution:
We submitted an application to leading bank offering low rates and more lenient credit searching systems.
Once the lender was able to understand the reason why the applicants had a limited score and assess their income, they were happy to provide a mortgage.
Property: House in north London
Value: £690,000
Mortgage: £550,000
Rate: 3.12% fix until 30 June 2020
APR: 3.7%
Reversion rate: Reverts to the standard variable rate, currently 4%
Lenders arrangement fee: £999
Mortgage term: 28 year term
Repayment type: Full capital repayment
Loan-to-value: 80%
Early repayment charge: 5% of the outstanding balance until 30 June 2016, then 4% until 30 June 2017, 3% until 30 June 2018, 2% before 30 June 2019 and 1% before 30 June 2020.
Overpayments: Up to 10% of the outstanding balance each year without charge
The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.
If you would like help to secure a mortgage call Trinity on 020 7016 0790.
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