Are you a first time buyer seeking a loan worth over £1m? Perhaps you work in a profession where a portion of your income is from bonuses, or you are self-employed with a complex income stream? We are experts at arranging large mortgages with private and specialist banks who are happy to lend to such individuals.
To discuss this or any other large mortgage case, please contact us.
Our client was a first time buyer looking to purchase their first property, valued at £1.375m. She had a 15% deposit so was looking to secure a higher than usual loan to value (LTV) at 85%. Most lenders will only lend up to 75% LTV for first time buyers looking to borrow over £1m, so this presented us with a challenge.
In addition, our client’s income was complex as a significant proportion of her earnings was based on bonuses. She had recently started a new job and was relying on the track record of the bonuses from her previous employment, along with bonuses earned in her new role, to help her secure a mortgage.
Faced with the challenge of securing a high LTV loan for over £1m for our first time buyer client, and despite her complex income streams, our adviser managed to negotiate the ideal solution with a specialist lender.
We secured the 85% LTV that our client needed on a low 5 year fixed rate product. In order to make the monthly payments affordable, we extended the term to 40 years but with the option of paying down her mortgage as and when our client received bonus or future income payments.
The client was happy to know that her monthly repayments were manageable and predicable for the first five years of the mortgage term but with the flexibility of being able to make lump sum payments as and when she could.