90% loan to value for £2million mortgage

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Monday July 25, 2011

We have just arranged a 90% LTV £2.1m mortgage at 3 month Libor plus 2.75%¹ – a pay rate of just 3.59% (APR 4.1%²) – for a Premiership footballer. To discuss this or any other large mortgage case, please contact us.

Case profile

A young Premiership footballer moved club from the North of England to London, renting a property to start with as he built up a deposit and looked for somewhere suitable to buy. He found a house on the market at £2,825,000 and the vendor offered to take £500,000 off the purchase price if he could complete the deal within a set deadline. This brought the price down to £2,325,000 but, not having had time to build up a significant deposit, our client needed to borrow 90% (£2,092,500). Such a deal is not available on the high street.

The solution

largemortgageloans.com has close links with the private banks who specialise in such cases and so were be able to move quickly and decisively, working with the footballer’s agent, so that the client could take advantage of the vendor’s offer. A bank with a specialist sports division was quickly found willing to offer a £2.1m mortgage at 3 month Libor plus 2.75%. Written into the terms of the loan were early capital reductions, to reduce the loan to value ratio to 60% in 3 years, but these were set to coincide with the client’s own plans to pay down.

Deal highlights

Loan amount:£2,092,500 million (90% LTV on £2,325,000 purchase price)
Rate:3 month Libor + 2.75%¹ tracker (pay rate of 3.59%)
APR:4.1%² (the overall cost for comparison)
Term:5 years
Type:Interest Only
Arrangement fee:1.1% of the loan amount
Early repayment charges:None

Note that 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.
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Your home may be repossessed if you do not keep up repayments on your mortgage

¹ 3 month Libor (London Interbank Offered Rate) was 0.84% as at 1st July 2011. Please note that this deal may not be available to – or suitable for – all customers, dependent upon 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 The rate quoted may become out of date at short notice and may not be available at the point at which customers enquire about it.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 letter may not contain all the information needed for customers to make a decision and they should seek advice.
² APR (the overall cost for comparison) calculation based on arrangement fees of £23,000 and legal and valuation fees of £5,000. The actual rate available will depend upon your circumstances. Ask for a personalised illustration.

largemortgageloans.com is a trading name of largemortgageloans.com Ltd, 12 Pepper Street, London, E14 9QY which is authorised and regulated by the Financial Services Authority. The Financial Services Authority does not regulate some aspects of buy to let mortgages, overseas mortgages and tax advice. largemortgageloans.com Ltd Registered in England and Wales No: 5070990 Registered Address: Bridge House, London Bridge, London, SE1 9QR.

Your initial consultation is obligation free. A fee as described below will be charged on application for a mortgage, this fee is non-refundable. We will also be paid by the lender. A fee of up to 1% of the mortgage amount is payable, of this 25% is payable on application and the remainder on completion. E.g. on a mortgage of £100,000 the fee would be £1,000 in total of which £250 would be payable on application.

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Your home or property may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it. Changes in the exchange rate may increase the sterling equivalent of your debt. You may have to pay an early repayment charge to your existing lender if you remortgage. Think carefully before securing any other debts against your home.  

largemortgageloans.com is a trading name of Largemortgageloans.com Ltd, Aegon House, Ground Floor Suite, 13 Lanark Square, London, E14 9QD authorised and regulated by the Financial Conduct Authority (FCA). Our FCA registration number is 302228 and can be viewed by visiting the FCA website: www.fca.org.uk. The FCA does not regulate tax advice or some aspects of commercial, buy to let, overseas mortgages, bridging finance, finance and asset lending. Largemortgageloans.com Ltd is a licensed credit broker, and not a lender.

Largemortgageloans.com Ltd Registered in England and Wales No: 5070990 Registered Address: As above. The guidance and advice contained within the website are subject to the UK regulatory regime and is primarily targeted at UK customers. Calls may be recorded for training and monitoring.

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Largemortgageloans is a trading name of Largemortgageloans.com Ltd, Aegon House, Ground Floor Suite, 13 Lanark Square, London