Are your lending options under threat from a bonus deferral? Find out if we can help…

lending options

At largemortgageloans.com we help people overcome a variety of challenges to secure their ideal property. Often this relates to the client’s individual situation, but in many cases the property itself also proves a challenge to finance. If you have a unique property you’d like to talk to us about, speak to one of our expert advisers on 020 7519 4984 or email us.

Case Profile

As we recently explored with the Financial Times, restrictions on bonus lending have been hampering some borrowers, specifically those working in the city.

In a recent case, our client was an investment fund manager looking to remortgage his main home, as his current lender did not wish to renew the term. The £2.4m mortgage represented 65% LTV on a £3.7m property.

The biggest challenge faced by our Senior Partner, Nigel Bedford, was the client’s work history. Having taken a three-year career break, they had been back in the workplace for just shy of a year, which can prove problematic for some lender’s requirements. To approve the full lending package, the bank would need to consider the client’s base salary alongside their upcoming bonus. However, half of the bonus had been deferred. Therefore, our team needed to identify a lender which would understand the complexities and nuances of this case.

Solution

Nigel identified a private bank within his network which has a clear understanding of the investment fund sector, and which would be able to take the full circumstances into context during their decision making. He gathered key information about the investment fund’s structure and performance to bolster the bank’s confidence that the deferred bonus payment would be forthcoming in the future. Coupled with this, Nigel gained evidence of our client’s exceptional track record in managing a previous investment fund.

With the full package presented to the lender, the bank felt secure in offering the clients a fantastic deal for the whole mortgage amount.

Your home or property may be repossessed if you do not keep up repayments on your mortgage. You may have to pay an early repayment charge to your existing lender if you remortgage.

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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.  

largemortgageloans.com is a trading name of Largemortgageloans.com Ltd, Aegon House, Ground Floor Suite, 13 Lanark Square, London, E14 9QD authorised and regulated by the Financial Conduct Authority (FCA). Our FCA registration number is 302228 and can be viewed by visiting the FCA website: www.fca.org.uk.  The FCA does not regulate tax advice or some aspects of commercial, buy to let, overseas mortgages, bridging finance, finance and asset lending.  

Largemortgageloans.com Limited is registered with the Guernsey Financial Services Commission, reference number: 2269418, as a Non-Regulated Financial Services Business.  

Largemortgageloans.com Ltd Registered in England and Wales No: 5070990 Registered Address: As above. The guidance and advice contained within the website are subject to the UK regulatory regime and is primarily targeted at UK customers. Calls may be recorded for training and monitoring.