Our clients – a married pair of limited company directors – were looking for a residential mortgage of £1m in order to purchase a property valued at £1.34m.
This case presented a number of difficulties:
- Firstly, our clients had, at the time of contacting us, recently split up their family company into a number of smaller companies. Two of the subsidiaries that resulted from this division only had one year’s worth of accounts. Most lenders require two years’ worth of accounts when assessing affordability, so we needed to find a lender who was happy to base their affordability on one year of accounts.
- One of our clients had previously been in the army and was therefore receiving a war pension – we needed to find a lender that was happy to include this income in their affordability assessment.
- Additionally, the property our clients were looking to purchase had 20 acres of land attached – some lenders are not happy with this.
With access to every lender on the market and vast experience negotiating property finance of all kinds, our brokers have encountered and overcome all of the difficulties presented by this case countless times. The greatest obstacle our broker faced on this occasion was finding a lender that was happy with the combination of peculiarities presented by this client and his circumstances.
Clearly, this wasn’t a case for a mainstream lender, so our broker began approaching slightly more specialist lenders with an appetite for this kind of lending. Ultimately, our broker was able to find a lender who was able to offer our client a two-year fixed mortgage of £1m on an extremely competitive rate of 1.54%.