Private bank offering 5% deposit million-plus mortgages
A leading private bank is offering 5% deposit mortgages to clients purchasing properties valued up to £2 million.
Mortgages lending is capped at four times single or joint incomes, although the bank can take retained profits, deferred stock options, director loans and income derived from trusts into consideration.
Low deposit mortgages will have to be on a full capital repayment basis and after five years, the mortgage should be below 85% loan-to-vale.
The bank may ask for overpayments to be written into the contract to ensure the loan is reduced in line with the bank’s lending policy.
Aaron Strutt, product director at Trinity Financial, says: “The minimum loan size is typically £1 million, although the lender will consider loans below this amount.
“Applicants must meet the lender’s affordability calculations, but everyday costs such as school fees, credit cards and car loans will reduce the maximum loan size.
“Over the last few years low deposit large mortgages have been popular with footballers, bankers, entertainers, and entrepreneurs. A few lenders offer these mortgages, but the rates are not as low.”
Mortgage rates
The private bank has a section of two, five and ten-year fixes, and a two-year tracker comfortably below 2%.
The arrangement fee is 0.5% of the loan amount, and all rates have early repayment charges, apart from the tracker.
Impressively, applicants will get the same fixed, or tracker rate mortgages no matter the size of their deposit. This is something rarely offered by the high street banks and building societies.
For help to secure a large 5% deposit mortgage, call Trinity Financial 020 7016 0790.
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