Income comes in a variety of shapes and sizes and, for many of our clients, it’s incredibly complex. Therefore, we need to match our clients with lenders who fully understand their sophisticated financial structures and often this means looking to the private bank world.
Our clients were looking to raise £1.25m of capital against their main residence, valued at £2.5m. The proceeds of these funds would be used to fund the purchase of their ‘forever’ home and they wanted the funds to be in place prior to the purchase. Therefore, they required a loan facility that could be directly offset with savings, with no loan repayments made until they drew down the funds to purchase their dream property.
The application presented an additional layer of complexity as the client’s income was derived from a variety of private equity funds, all of which had separate vehicles set up to cater for each. The income was spread across the vehicles, creating another challenge for a lender.
Our Associate Directors was able to match our clients with a private bank which understood and accepted the client’s method and structure of remuneration. The lender was also able to offer a revolving offset facility, meaning our clients could draw down funds as and when they required, and only pay interest on the amounts drawn. A complex scenario made simple, thanks to our teams’ knowledge and expertise!
If you have a complex income structure, you need a team on your side who can understand and present this to a lender to get you the best possible terms on your mortgage. Get in touch with us to find out how we can help.