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Our clients were a professional couple in their thirties, with a mortgage of £1.4 million and combined income of over £500,000 per annum. They had significant offshore assets, as well as a large share portfolio in the UK. However, they were paying their lender’s standard variable mortgage rate (SVR) of 3.25% and wanted to remortgage onto a lower rate with no early repayment charges.
The clients’ London property was worth £4.5 million, so the mortgage needed was at a low loan to value (LTV) ratio of 31%, but the main earner had only been in his current role a year and received most of his income in the form of bonuses from a Russian bank. Traditional high street lenders did not like the fact that most of the income was in bonus form, and would not consider enough of the regular income to offer the mortgage required.
The client contacted largemortgageloans.com after a recommendation. We met with him immediately and arranged a meeting with a private bank, who were comfortable with the client’s bonus structure, coupled with his senior position and track record in a previous similar role. £1.4 million was made available at a rate of 1.69% over the Bank of England Bank Rate (0.5%), giving a pay rate of 2.19%, with no early repayment charges to give complete flexibility.
|Loan amount:||£1.4 million (31% LTV on £4.5 million)|
|Rate:||Bank of England Bank Rate plus 1.69%¹ variable rate (2.19% pay rate)|
|APR:||3.0%2 (the overall cost for comparison)|
|Loan purpose:||Remortgage of 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.
¹ 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 The rate quoted may become out of date at short notice and may not be available at the point at which customers enquire about it.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.
2 APR (the overall cost for comparison) calculation based on arrangement fees of 0.5% x £1.4 million (£7,000) and legal and valuation fees of £5,000. The actual rate available will depend on your circumstances. Ask for a personalised illustration.