High net worth client with multiple income streams needs £1.26 million mortgage

The proposition

A financial adviser needed specialist help to fund a complex £1.26 million mortgage solution for his high net worth client, who needed to quickly refinance his residential property on which he owed £750,000.

Case profile

Although the LTV was only 60%, the client is involved in various companies, including start ups, and therefore has various revenue streams, which high street lenders find difficult to accommodate.

The solution

From its close relationships with over 35 private banks, largemortgageloans.com found a foreign bank that which was willing to lend to 60% LTV, enabling the client to repay the £750,000 loan and borrow the extra £510,000 needed. For security the bank required the client to place £50,000 on deposit to cover any low income periods, but the client was able to take the £50,000 from the loan proceeds, which suited his cash flow.

Deal highlights

For a complex deal, the mortgage was negotiated at attractive terms; £1,210,000 interest only at 2.20% over three month LIBOR and £50,000 interest only at 1.65% over the foreign bank’s base rate which is currently 1.5%.

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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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