Mortgage Guide: Secure funding to buy a multi-million-pound property at Battersea Power Station
Battersea Power Station is one of London’s premier property locations with stunning views of the River Thames and excellent transport links.
With property prices currently ranging from £500,000 to £9 million for a 'sky villa' and rents between £2,500 to £30,000 per calendar month, properties are expensive.
Given the price of Battersea Power Station's properties, many borrowers will need mortgages to buy there. As a result, many banks and building societies are keen to issue mortgages.
Aaron Strutt, product director at Trinity Financial, says: “Since the redevelopment of the power station, borrowers have mainly bought properties and let them out with the aim of longer-term investment. Some are mortgaged, while many were purchased with cash. Some buyers have flats in the development as second homes and properties for their children.
“Many private banks have issued mortgages to international buyers to purchase flats, although some investors have refinanced to get cash out of their properties to buy more homes in London."
Do lenders offer £1 million+ mortgages to buy in Battersea Power Station?
High-street mortgage lenders and private banks offer £1 million+ mortgages to borrowers, depending on their financial situation, nationality, and tax position.
Trinity Financial has access to banks and building societies that provide mortgages to borrowers paid in various currencies, including Euros, US Dollars, and Swiss Francs.
As demand for property has increased and more international people move to the UK, lenders have adapted to provide suitable mortgages. However, with expensive new-builds, lenders can quickly reach their exposure limits, meaning they are willing to take only a limited number of properties on their books.
Trinity’s brokers have access to specialist lenders providing international buyers with bespoke solutions to secure mortgage finance. We help foreign nationals, whether living and working in the UK, residing overseas, or investing in the property market. Our experts have a track record of assisting clients worldwide, particularly in the Middle East and America.
Is it a complex process to secure a larger mortgage loan?
Trinity Financial specialises in arranging mortgages for clients who have complex financial situations. Our experts help borrowers buy properties or remortgage when they have unusual income streams.
Today’s mortgage market is more complex than ever. Thankfully, many banks and building societies have set up exclusive broker-only lending departments to approve and process these applications, which still need more work.
Many of our clients run their own businesses, so they have income from various sources and retained profits. Trinity Financial has clients receiving income from buy-to-let portfolios, while others are paid in different currencies. We also consistently arrange Let-to-buy mortgages and additional property mortgages.
What has happened to mortgage rates?
Mortgage lenders have been lowering their rates recently as part of their drive to attract more borrowers, also because funding costs have reduced.
Some banks and building societies offer five-year fixed rate mortgages just below 4.10%, while some private banks offer sub-5% five-year fixes. Mortgage arrangement fees tend to vary, with some lenders charging £999 setup fees and private banks charging 1% of the loan amount fees.
What documents will you need to get a mortgage at Battersea Power Station?
Lenders will want proof of your income through payslips and, for the self-employed, a comprehensive record of your business income and expenses. Lenders use this information to assess your ability to make consistent mortgage payments.
In addition to income documentation, you'll also need to provide proof of your assets, such as bank statements, investment accounts, and any other savings or liquid funds. Lenders will want to see that you have sufficient funds for the deposit and stamp duty.
Depending on your credit history and financial situation, you may also need to provide additional documents, such as Identification (driver's license, passport, or other government-issued ID) and proof of employment (such as a letter from your employer).
Call Trinity Financial on 020 7016 0790 to secure a Battersea Power Station mortgage, book a consultation, or complete our mortgage questionnaire.
The information contained within was correct at the time of publication but is subject to change.
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