£1.19 million interest only remortgage

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Monday May 21, 2012

Self-employed? Need a large interest only mortgage arranged quickly? We have the private banking contacts to provide a tailored solution. To discuss this or any other large mortgage case, please contact us.

Case profile

Our client, a recently self-employed entrepreneur, needed to arrange a million pound interest only remortgage quickly. He wanted to raise capital in order to purchase another property for cash.

Our client could provide only 1 year’s full set of accounts as proof of income and this meant that he could not pass mainstream lenders’ affordability tests for the increased loan. Also, as there was goodwill in the accounts, it meant that high street banks could not assist as they do not accept or recognise this form of income.


The client’s financial affairs, especially his self-employed status and his limited trading period, meant that we needed to present the case correctly to the right private bank. Using our experience of the 44 private banks and lenders that we deal with, we quickly found a bank which was willing to add back the goodwill, accept 1 year’s accounts and lend £1.19 million on an interest-only basis.

Deal highlights

Loan amount:£1.19 million (70% LTV on overall property valuation of £1.7 million)
Rate:4.89% 2 year fixed rate
APR:Overall cost for comparison 5.5% APR representative variable
Term:15 years
Type:Interest Only
Loan purpose:Remortgage – capital raising
Lender’s arrangement fee:1% of loan amount
Early repayment charges:2% for 2 years from completion

Your home may be repossessed if you do not keep up repayments on your mortgage.


This case study is for information and illustration purposes only. It is not an offer, or suggestion of an offer. Each mortgage case is assessed on an individual basis and there is no guarantee that the solution described here can be repeated in the future.

Overall cost for comparison 5.5% APR representative variable based on 2 years at 4.89%, reverting to 5.39% variable for the remainder of the 15 year term. Lender’s arrangement fees of 1% x £1.19 million (£11,900), free legal services and valuation fees of £1,500. The actual rate available will depend on your circumstances. Ask for a personalised illustration.

largemortgageloans.com is a trading name of largemortgageloans.com Ltd. A fee of up to 1% of the mortgage amount is payable, of this 25% is payable on application and the remainder on completion, e.g. on a mortgage of £100,000 the fee would be £1,000 of which £250 would be payable on application. The precise amount will depend on your circumstances.

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Your home or property may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it. Changes in the exchange rate may increase the sterling equivalent of your debt. You may have to pay an early repayment charge to your existing lender if you remortgage. Think carefully before securing any other debts against your home.  

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Largemortgageloans is a trading name of Largemortgageloans.com Ltd, Aegon House, Ground Floor Suite, 13 Lanark Square, London