Special pay and acting up income used to secure mortgage

by Aaron Strutt

Apr 01 2015

Case details 

After initially approaching a host of mortgage lenders and another broker our client decided to try one last time for help to secure a complex income mortgage.  

Unfortunately he had problems applying directly for a mortgage as the lenders were not happy with his income. His salary was showing in separate parts on his payslip prompting the lenders to assess his income differently.

Working in his normal role while covering another managerial position within the company at the same time, meant he was earning an addition salary and wanted to use it to secure a larger mortgage.

Solution:

Trinity approached a lender happy to assess income from different positions within a company and take up to 100% of it for affordability purposes.

The bank was offering excellent fixed rate mortgages and producing fast mortgage offers.

After we produced a decision in principle agreement, our client was in a position to confirm to his estate agent that he could get a sufficient mortgage.

This allowed him to raise the funds to purchase the property he nearly pulled out of buying.

Property: Flat in London

Rate: Fixed rate at 2.29% until 30/09/2017

APR: 3.8%

Reversion rate: The lenders standard variable rate, currently 4%

Lenders arrangement fee: £495 product fee

Mortgage term: 25 years

Repayment type: Mortgage taken on a capital repayment basis

Loan-to-value: 80%

Early repayment charge: 2% of the loan amount until 30/09/2016, and then 1% until 30/09/2017.

The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.

Call Trinity on 020 7016 0790 to secure a complex income mortgage.