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Case Profile
The client wanted to remortgage his home, which is valued at £4.75 million. However, due to the nature of his income it was a challenge to find a lender willing to lend him the amount he required.
The client works for a private equity company. He receives the majority of his income in the form of capital gains from investments that he advises on. This means his income level is changeable from one month to the next. As a result this presented a challenge, as the client could not meet the necessary affordability criteria of most lenders.
Solution
Using our expereince in complex mortgage lending and excellent contacts with a range of lenders, who lend on different criteria, we were able to find a million plus mortgage solution for the client.
We took the time to evaluate all aspects of the client’s circumstances and were able to put his case successfully to a lender, who was happy to take a view on his income structure. We evidenced the historical earnings of the client and demonstrated the income generated from a private investment portfolio. The lender accepted this as sufficient income and was happy to proceed with arranging the mortgage.
The client was pleased with this solution as he was then able to remortgage his home.
Deal Highlights
| Loan amount: | £2,600,000 |
| Rate: | 2.19% |
| LTV: | 55% |
| APR: | Overall cost for comparison 3.2% APR representative variable |
| Term: | 17 years |
| Type: | Interest only |
| Loan purpose: | Remortgage |
| Lender’s arrangement fee: | £4,999 |
| Early repayment charges: | 5% in year 1, 4% in year 2, 3% in year 3, 2% in year 4 and 1% in year 5 of the loan amount |
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 The rate quoted may become out of date at short notice and may not be available at the point at which customers enquire about it.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 of regular mortgage 3.20% APR representative variable based on 17 years at 2.19%. Lender’s arrangement fees of £4,999. 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. Changes in the exchange rate may increase the sterling equivalent of your debt.
