At largemortgageloans.com one of the things we are most proud of is our network. We’ve worked hard to build relationships in the UK and overseas with more than 200 lenders, from High Street and specialist private banks, to small building societies and boutique lenders.
How does that bring benefits to our clients? A recent case from Senior Mortgage Associate Daniel Gracie shows how direct access to a large loans underwriter can make all the difference to the success of an application.
Case study
In this case, our self-employed client needed to remortgage his £1.4m home, with a mortgage of £1m. He was signed up to a five year fixed rate with a small private bank, but was paying a high rate for it because his self-employed structure had changed twice in the last two years.
Solution
The relationships and reputation of largemortgageloans.com meant that, when Daniel sought a better deal for our client, he was able to get in direct contact with a large loans underwriter within the lender to present their case. Being able to do so to explain the detail behind the figures meant that the lender could see and understand that the client’s income was very stable and growing.
Daniel secured a new five year, fixed rate, interest only mortgage of over £1,000,000 at a rate below 2%. Even with the client paying an early repayment charge to his previous lender, the client’s net saving over the next four years would be in the region of £26,000.
| Loan amount: | £1,020,000 |
| Rate: | 5 Year fixed rate 1.81% |
| Loan To Value: | 73% |
| APRC: | Overall cost for comparison 3.30% APRC representative variable |
| Term: | 25 Years |
| Type: | Interest only |
| Loan purpose: | Remortgage |
| Lenders arrangement fee: | £1999 |
| Early repayment charges: | 5.00% of the amount repaid until 2024 |
Often, figures only tell one side of the story and it’s the detail behind those figures that needs to be explained and understood. Our approach is centered in approaching each and every single case individually and we have the network, experience and determination to get your case heard by decision makers. If you would like to find out how our team’s connections might be able to help you, don’t hesitate to get in touch.
Notes
This case study is for information and illustration purposes only. It is not an offer, or suggestion of an offer. Each mortgage case is assessed on an individual basis and there is no guarantee that the solution described here can be repeated in the future.
Please note that this specific deal may not be available to – or suitable for – all customers, dependent on their individual circumstances. The rate quoted may become out of date at short notice and may not be available at the point at which customers enquire about it. This document may not contain all the information needed for customers to make a decision and they should seek advice.
Overall cost for comparison 3.30% APRC representative variable based on 62 monthly payments at a fixed rate of 1.81% followed by 238 monthly payments at the lenders standard variable rate, currently 4.00%. Because all, or part of, the mortgage is currently, or will revert to, a variable interest rate mortgage, the actual APRC could be different from this APRC and the payments could increase, if the interest rate of the loan changes. For example, if the interest rate rose to 9.39% the APRC could increase to 8.0%. The actual rate available will depend on your circumstances. Ask for a personalised illustration.
Your home or property may be repossessed if you do not keep up the repayments on your mortgage.
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