Our clients found their dream home and required a mortgage of £1.5 million with a mortgage at 90% loan to value which they could pay down upon the sale of their property. The complexities in this case were as follows:
- The clients required a high value loan with a high loan to value ratio.
- The property the clients were going to sell remains incomplete and will not be finished for circa 6 months.
- The client wanted the majority of the loan to be interest only.
- Despite high levels of income from his business the client only had one years of account at the time of application
Solution & Lending Facility
With access to every lender on the market and vast experience negotiating property finance of every kind, Private Finance’s brokers are equipped to find solutions to mortgage-related problems that may at first glance seem unsolvable.
On this occasion, our consultant was able to utilise our relationship with a private bank who saw past the complexities and provided the client with the requisite £1.5 million mortgage at 90% loan to value. This included the ability to pay tranches down early, consisting of a combination of 2-year tracker mortgages over short 3-year terms and 2-year fixed mortgages over 30-year terms, one of which was interest only.