Another lender offering assigned contract mortgages
Trinity Financial has access to another lender offering assigned contract or reassigned contract mortgages.
To qualify, the application must be below 75% loan-to-value and the property must be worth at least £350,000.
The contract must not have been reassigned more than once (sometimes they have been reassigned two or three times) and the original assignor must not be an offshore company. The mortgage applicant must be UK based and have permanent rights to reside.
In an assigned contract transaction, the original buyer exchanges contract with the builder/developer and then sells the right to buy that property to another person before completion.
Aaron Strutt, product manager at Trinity Financial, says: “We are getting more assigned contract enquiries from borrowers struggling to secure finance, so we are pleased to have access to another provider. The lenders know this is a growing market.
“There are not many banks offering these mortgages and the ones remaining in the market can be rather selective. Most of the clients we speak to are looking to purchase new-build flats in London and the south-east.”
One lender offers an impressively low term tracker rate but assesses overall affordability on all debts. If borrowers have buy-to-let’s in the background they will need a large salary to qualify.
For help to secure an assigned contract mortgage, call Trinity on 020 7016 0790.
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