Investment Bankers secure £2m mortgage despite not selling existing properties in time

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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.

To discuss this or any other large mortgage case, please contact us.

Case Profile

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%.

Solution

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.

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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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