Securing A Large Mortgage for A First Time Buyer

Monday October 1, 2018

Are you a first time buyer seeking a large mortgage? We have the banking contacts to provide a tailored solution where other lenders may not be able to help. To discuss this or any other large or complex mortgage case, please contact us on 020 7519 4984 or email us.

Case Profile were approached by a client who was buying a new build, 6th floor apartment in London for £2,435,000. He had already paid a 25% deposit upfront and therefore was looking to arrange a mortgage of £1,826,250 in order to complete the property handover. In a climate of rising interest rates, he was keen to protect against future rises and therefore was seeking a 5-year, fixed rate mortgage.

Our client was an expat who had been working in Singapore for the past six years. He wasn’t looking to live in the property straight away, nor did he have plans to rent it out. However, he planned to return to the UK within 12 months and make the apartment his primary residence.

The client’s residency made the case more complex, because he did not have a credit footprint in the UK, which banks usually rely on to assess eligibility. He worked for an International bank and was paid in Singapore dollars, and therefore needed a foreign currency mortgage. In addition, a significant part of his income was paid in annual, non-guaranteed bonuses. This income needed to be taken into account by any lender in order to meet affordability criteria.

Living in Singapore also meant that our client had expensive outgoings in the form of rent. In order to make his mortgage repayments manageable, he wanted to borrow 75% LTV, with all or most of the funds borrowed on an interest only basis.


Our expert team of mortgage advisers applied their industry knowledge and global network of over 200 finance providers to find a suitable lender. The team sourced a solution by finding a private bank lender who would accept foreign income, take into account annual bonuses, lend at 75% LTV and allow the majority of the loan to be interest only. We also secured an attractive 5-year fixed rate, leaving us with a very happy client, delighted with his new home and the mortgage deal our team at secured.

Deal Highlights

Loan amount:£1,826,250
Rate:2.24%, 5 year fixed rate
APR:3.2% APRC representative variable
Term:25 years
Type:£1,582,750 (65% LTV) on interest only and £243,500 (10% LTV) on capital and interest repayment
Loan purpose:Residential purchase
Lender's arrangement fee:0.5% of loan amount
Early repayment charges:5% of outstanding loan amount in year 1, 4% in year 2, 3% in year 3, 2% in year 4 & 1% in year 5



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 3.2% APRC representative variable based on a fixed rate of 2.59% until 2023, thereafter a variable rate of 3.25% till the end of the term, plus the lenders arrangement fee of £9,131,.25. 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. 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. Changes in the exchange rate may increase the sterling equivalent of your debt.

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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. is a trading name of 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: The FCA does not regulate tax advice or some aspects of commercial, buy to let, overseas mortgages, bridging finance, finance and asset lending. Ltd is a licensed credit broker, and not a lender. 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.
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