Can owning multiple homes make remortgaging more difficult?

Can owning multiple homes make remortgaging more difficult?

Case Profile

High net worth individuals tend to have multi-layered financial situations, and despite their wealth, this can make securing a mortgage much more complex.

Our latest case study is a prime example. As a recent partner of an LLP, they were only able to prove tax returns for the previous financial year when most lenders require proof of two years’ historical income on which to base lending decisions. The situation was further complicated by the fact that the client owned three mortgaged properties and had a desire to use the property being remortgaged as both a personal and commercial holiday home. This desire to let out the property for a portion of the year meant the client would not usually qualify for residential mortgage rates. Finally, the client was asking for an ambitious 60% LTV, interest-only mortgage.

Solution

Our Associate Director, Caroline Burke, was able to identify a lender who would accept further documentation from the LLP regarding projected salary to reinforce the financial details. The lender also agreed that the property could be let out for several months of the year, plus they accepted the 60% LTV on an interest only basis.

If you are looking to secure a mortgage or remortgage with a complicated set of circumstances, you may benefit from the help of a specialist team of advisers. Don’t hesitate to get in touch with our team.

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

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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.  

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