Building society lowers six times salary mortgage rate
One of the only lenders offering to lend up to six times salary for a mortgage has lowered its rates.
The smaller regional building society offers a 2.39% two-year discounted rate until 28 February 2018. There is a 2.60% discount from the 4.99% standard variable rate.
From March 2018, the mortgage will revert to the lender's 4.99% standard variable rate. The overall cost for comparison is 4.6% APR.
Aaron Strutt, product manager at Trinity Financial, says: “Most mortgage lenders would not even consider lending up to six times salary. Some of the more generous banks and building societies still provide mortgages if you are looking to borrow up to five-times both single and joint salaries.”
“There is a £199 booking fee plus a £799 arrangement fee. The lender provides a free property valuation and if you are looking for a two-year fix, the mortgage rate will increase by 0.3%.”
Income multiples and affordability
The lender offers particularly generous income multiples, although it has some rather tough acceptance rules.
You will need a 15% deposit and earn over £50,000 each year to qualify. The maximum loan size will be reduced if you have children, loans, debts, credit cards or salary deductions.
As a general rule, any ongoing payments and debts are likely to lower the amount you can borrow.
For help to secure a six times salary mortgage, call Trinity on 020 7016 0790.
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