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The client wanted to remortgage in order get a better interest rate on their current mortgage. In addition, they wanted to purchase another property. This required borrowing of £2,800,000 in total, including raising capital of £500,000.
This case presented a challenge as the client had a complex income structure, consisting of three elements; a basic salary, annual cash bonus, and a share bonus award which would vest over 3 years.
Most high street lenders would recognise a client’s basic salary and annual cash bonus for the mortgage. However, it is uncommon for a bank to also accept vesting share bonus awards, as the funds are effectively locked away until the vesting period ends.
Using our extensive range of private bank contacts we were able to find a lender who would accept all three parts of their complex income structure. This allowed us to arrange a bespoke solution to meet their needs.
The client could both remortgage their property at a more favourable rate, saving them money, and purchase a second property, which they may not have been able to do otherwise.
|Rate:||2 year fixed rate of 2.19%|
|APR:||Overall cost for comparison 4.4% representative variable|
|Lender’s arrangement fee:||1%|
|Early repayment charges:||2% in year one, reducing to 1% in year two|
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 The rate quoted may become out of date at short notice and may not be available at the point at which customers enquire about it.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 4.4% APR representative variable based on 25 years at 2.19%. Lender’s arrangement fee is 1% of the loan amount. 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.