Are you considering major refurbishment works?
Our clients were US nationals seeking to raise capital to fund a major home refurbishment in advance of the works, to give them certainty of funding and enable them to progress quickly.
In addition to seeking capital for refurbishment works, the couple also needed to remortgage their property. Financing both the remortgage and the refurbishment together meant that the total amount the couple sought was over £2 million, which is above the typical maximum mortgage for many lenders.
The primary earner was a self-employed lawyer with a substantial income working as an equity partner at the London office of a US law firm. Our client had been there for just eight months. With no track record of annual income from the current firm and payment made in US dollars, we needed to source a lender willing to accept foreign currency and look at our client’s earnings from his previous role.
We sourced an outstanding 5-year fixed-rate mortgage from a high street lender by highlighting the client’s excellent track record of earnings from his previous firm. We achieved this by engaging the help of senior underwriters to create a bespoke product. The clients are delighted and are now progressing with their home improvements.