Client Secures 2.4m Mortgage to be a Cash Buyer and Achieves 9% Discount

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Case profile

Our clients were US nationals aged 60 seeking to remortgage their home and raise £500k to buy an unspecified investment property as a cash buyer to enable them to negotiate a lower price and complete quickly.

The primary earner was self-employed with a substantial income working as a partner and management consultant at a top 5 international accountancy firm. Due to the client’s age, they wanted to borrow as much of the loan on an interest-only mortgage as possible to make monthly payments easily affordable.

Solution

We found a high street lender with market-leading rates who offered our client a loan without a specific new purchase in place. Most of the mortgage was arranged on an interest-only basis. The cash released upfront allowed our client to negotiate a significant discount on the investment property price, and the transaction moved quickly without a chain.

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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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