Another building society offering six-times salary mortgages
A small building society has started offering up to six times salary mortgages again for property purchases and remortgages.
The lender says applicants do not need a minimum income level to qualify.
The property purchase rate is 2.89%, and it has a 2.35% discount from the standard variable rate for three years. Once the deal expires, it reverts to the 5.24% standard variable rate. The overall cost for comparison is 4.7% APRC representative.
The remortgage rate is 0.10% more expensive, and applicants will need a 15% deposit to qualify for both deals. The maximum loan is £450,000, and there is a 0.3% arrangement fee.
Aaron Strutt, product director at Trinity Financial, says: “Over the last few years more of the lenders have started offering income stretch mortgages of between five and six times salary.
“They all tend to have roughly the same acceptance criteria where borrowers cannot have a huge amount of personal debt and need a good income and high credit score to qualify.”
Applications for this lender are accepted throughout England and Wales and the minimum property value £250,000 for properties located within the M25 corridor. The minimum property value is £75,000 for other parts of the country.
Call Trinity Financial on 020 7016 0790 to secure an income stretch mortgage
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