Have you found the home of your dreams but have not yet sold your existing property in time? We are experts at arranging large mortgages with private banks who are happy to lend to individuals with a complex financial structure.
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Our clients both owned existing properties they were trying to sell; however, they found the home of their dreams and, with the property market as buoyant as it is, wanted to purchase their £2.2m dream home to ensure they didn’t lose it.
The client’s income consists of a high percentage of bonus-related remuneration, and despite having existing investments in the background and cash savings, they didn’t want to liquidate as they planned to make several home improvements with a view to remortgage in a couple of years once they had improved the value of the property.
The deposit was a mixture of savings and gifted deposits; however, the clients wanted to borrow a high loan to value (LTV) at 90%.
Despite our clients wanting to borrow a high LTV, our adviser managed to source several private banks that would consider this mortgage and be flexible based on their current circumstances.
With the clients selling their existing properties, the private bank also took a view of their age and potential future earnings; a low 2 years fixed rate was secured, enabling them to keep their costs down and move into the home of their dreams.