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Our client is a UK resident and a Director of his own Limited Company specialising in the UK property market.
The client required a 68% LTV mortgage to purchase a new family home of £1.4million but was struggling to get approval due to his complex income and existing finance arrangements.
The client already had a portfolio of 18 buy to let properties mortgaged at 75% LTV and therefore fell outside the upper limit of lending permitted by some lenders.
In 2015 the client had not drawn any dividends from his company or completed his company accounts. In addition to this the client also had a loan in his personal name that was financed by the business.
Some High Street lenders steer away from companies whose profit is derived from property as the property market can change quickly. Often they also require an average of the last 2 or 3 years company profit.
We were able to place the client with a lender who used his 2014 dividends and salary only. The lender ignored his personal loan within their affordability criteria and set no portfolio limit despite his existing buy to let properties.
His wife had started working at his company 3 months prior and they were also able to take into account 100% of her income.
We were able to arrange a mortgage at 4.5 x income achieving a loan of £948,000.
|Rate:||4.98% with 1.10% discount|
|LTV:||68% of purchase price|
|Loan purpose:||Residential purchase|
|Lender’s arrangement fee:||£1499|
|Early repayment charges:||3% in years 1 & 2, 1% in year 3|
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 The rate quoted may become out of date at short notice and may not be available at the point at which customers enquire about it.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 4.0% APR representative variable. Lender’s arrangement fees of £1499. 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.