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Our Case Studies £1.8million remortgage placed for client with no UK income by the specialists in large mortgage loans

£1.8million remortgage placed for client with no UK income by the specialists in large mortgage loans

Need a million pound remortgage? We have the banking contacts to provide a tailored solution where other lenders may not be able to help. To discuss this or any other large or complex mortgage case, please contact us on 020 7519 4984 or email us.

Case profile

Our client was looking to raise capital on a property in London for investment purposes. This highly complex case had multiple additional factors that made approaching most lenders impossible.
The client is 73 years old, a business owner and foreign national and resident. The property he wanted to remortgage, where his son currently lives, is owned through multiple offshore companies of which the client is the proprietor. He has no UK income at all.

Along with earning no income in the UK, his age and residency status, the fact that a relative lived in the property meant stricter lending conditions would be applied by most lenders.

In addition, the client’s plan to use the capital raised for investment purposes, compounded by the manner in which the property was owned, all served to make borrowing very challenging.

Solution

Using our expertise in placing large mortgages and excellent contacts, we were able to find a lender willing to allow our client to raise the capital on the property that they wanted.

We presented our client’s case to a lender and as a result of his considerable assets the lender was happy take a view on the complicating factors. As part of the agreement the lender required a large amount of Assets Under Management. The client was able to deposit the cash with them offshore, which suited the client as he had deposits elsewhere and could simply transfer this to the new lender.

As a result the client was able to raise the funds he wanted in order to remortgage the property at very attractive lending terms.

Deal Highlights

Loan amount:£1,800,000
Rate:2.05% over 3 month LIBOR (currently 0.59% giving an all-in rate of 2.64%)
LTV:65%
APR:Overall cost for comparison 2.9% APR representative variable
Term:5 years
Type:Interest only
Loan purpose:Remortgage
Lender’s arrangement fee:£10,000
Early repayment charges:None

Notes

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.

Please note that this specific deal may not be available to – or suitable for – all customers, dependent on their individual circumstances. The rate quoted may become out of date at short notice and may not be available at the point at which customers enquire about it. This document may not contain all the information needed for customers to make a decision and they should seek advice.

Overall cost for comparison 2.9% APR representative variable based on 5 years at 2.64%. Lender’s arrangement fee is £10,000. 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 1.17% of the mortgage amount is payable, of this 25% is payable on application and the remainder on completion, e.g. on a mortgage of £1,000,000 the fee would be £11,700 of which £2,925 would be payable on application. The precise amount will depend on your circumstances.

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

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This Month’s Top Fixed Rate

Fixed rate
Initial rate: 1.35%

Period: 2 years

Rate will revert to a variable rate, currently 4.99% thereafter
The overall cost for comparison is 4.46%

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This Month’s Top Variable Rate

Variable rate
Initial rate: 0.97%

Period: 2 years

Rate will revert to a variable rate, currently 4.99% thereafter
The overall cost for comparison is 4.37%

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Some of this month's top interest rates are listed above; the actual rate will depend on your circumstances. Please note that this information does not contain all the details you need to choose a mortgage, ask one of our advisers for a personalised key facts illustration on 020 7519 4900. The rate displayed may become out of date at short notice.

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