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Our client, a self employed director of a communications agency, needed to arrange a mortgage of £1.25 million to purchase a property valued at £2 million. The high street bank he was dealing with delayed its decision on the application and then, after a few weeks, declined it on the grounds that his accounts had shown a reduction in profits, compared to the previous period. This created considerable stress and anxiety for the client as he was under pressure to exchange on the property within two weeks.
The client contacted largemortgageloans.com after a recommendation from one of his colleagues. We met with him immediately and arranged a meeting with a private bank, who understood his business and that the dip in profits was due to investment in the recruitment of senior staff to help expand the company. The private bank was willing to lend at a competitive rate and instructed a valuation the following day. The client was extremely happy with the fast response and, as a result, was able to exchange contracts in time to secure the property.
|Loan amount:||£1.25million (62% LTV on £2million)|
|Rate:||Bank of England Bank Rate plus 2.72%¹ variable rate (3.22% pay rate)|
|APR:||3.6%² (the overall cost for comparison)|
|Loan purpose:||Purchase of main residence|
|Arrangement fee:||0.5% of loan amount|
|Early repayment charges:||None|
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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.
¹Please 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 The rate quoted may become out of date at short notice and may not be available at the point at which customers enquire about it.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.
²APR (the overall cost for comparison) calculation based on arrangement fees of 0.5% x £1.25 million (£6,250) and legal and valuation fees of £5,000. The actual rate available will depend on your circumstances. Ask for a personalised illustration.