Complex million pound mortgage placed by the specialists in large mortgage loans

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Thursday June 2, 2016

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Case profile

Our client wished to refinance his home into a Buy to Let property, to raise finance for a new main residence. However, the poor condition of the new property made finding a mortgage at a good rate problematic.
The client is a high net worth individual, who recently returned to the UK from abroad, where his wife and children reside. He planned to renovate the new property and develop it into a new family home.

The first challenge was that the new property was very dilapidated. As it needed work done, a retention would be applied to any mortgage issued, meaning that the client would not receive all of the funds until the property was renovated. In addition, the client had only recently started in a new job prior to his application for a complex mortgage. Most lenders require at least twelve months employment with the current employer.

As the client wanted to purchase the new home whilst keeping his former residential property as a Buy to Let, this made completing the purchase, within four to six weeks, before the stamp duty increase on 4 April 2016, very urgent.

The client was not willing to proceed with the purchase, if they could not meet this deadline.


Using our extensive knowledge of complex cases and calling upon our range of banking contacts, we overcame the difficulties of this case and sourced a mortgage before the deadline, with a minimal retention cost.

Many private banks we approached would only view the property as a development project, making the rate more expensive. However, using our wide range of contacts we sourced a lender who would take a view on the property, and the client’s occupational history.

From the lender’s valuation, the surveyor initially applied a full retention of £999,999 to the property. This was too high. Working closely with the client and our contact at the bank, we reduced the retention by using additional engineer’s reports to make our case.
After negotiating with the lender we successfully overcame this final challenge and secured the necessary finance with a retention of only £50,000. We also met all the requirements of the lender before the stamp duty deadline, saving the client £50,000, 3% of the purchase price.

The client was very pleased with the outcome, which he would not have achieved had he not sought specialist advice, and can now start renovations on his new home.

Deal Highlights

Loan amount:£999,999
Rate:1.49% , 2 year Base Rate Tracker
APR:Overall cost for comparison 4.2% APR representative variable
Term:12 years
Type:Part Interest Only (£763,000) Part Repayment (£236,999)
Loan purpose:Purchase
Lender’s arrangement fee:£995
Early repayment charges:None


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.

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.

Overall cost for comparison 4.2% APR representative variable based on 12 years at 1.49%. Lender’s arrangement fee of £995. The actual rate available will depend on your circumstances. Ask for a personalised illustration. is a trading name of Ltd. A fee of up to 1.17% of the mortgage amount is payable, of this 25% is payable on application and the remainder on completion, e.g. on a mortgage of £1,000,000 the fee would be £11,700 of which £2,925 would be payable on application. The precise amount will depend on your circumstances.

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

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