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.
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.
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.