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A complex mortgage solution for clients wishing to buy a new property before selling their current home

The proposition

A Kent financial adviser needed specialist help to fund a complex mortgage solution for two high net worth clients who had found a new house with equestrian facilities near Sevenoaks.

Case profile

The couple needed to complete the purchase in June but were not able to sell their previous home in time. The broker approached largemortgageloans.com to see if it was possible to remortgage his clients’ existing house as a bridge, for 70% of the value. He was arranging BTL remortgages for the 30% deposit, using some of the clients’ unencumbered BTL properties and had considered bridging loans, but the costs were very high at around 1.5% each month, or 18% annually, and fees of around £50,000.

The solution

When largemortgageloans.com’s expert mortgage brokers interviewed the clients, they realised that the clients were downsizing and would have £1 million in cash once their old house sold and they had paid off the £2 million short term remortgage loan. The borrowers also had a considerable amount of unencumbered property which could be liquidated over the next ten years.

largemortgageloans.com approached several private banks with whom they have close long-term relationships and presented the proposition, generating interest from several banks on the basis that the clients would invest the £1 million proceeds from the house sale with the lending bank. Having met the private bankers concerned and heard about their approach to wealth management, the broker’s clients were more than happy to do so.

Deal highlights

The best deal for the £2 million loan was 2% over 3 month LIBOR (i.e. less than 3%) and a 1% arrangement fee.
Within a week, largemortgageloans.com had the facility approved and letters sent out to the clients. A valuation was carried out the following week, so within two weeks the clients were in a position to exchange on their purchase without having to deal with a chain.

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