We recently completed a complex case for a client who was so thrilled that he recommended a new client to us who was looking to secure a mortgage to purchase a new £1.4million family home in Putney SW15 London. Our client was a Barrister who had recently been appointed as a district judge and the sole earner for his large immediate family.
The other members of the family did not live in London and wanted to move back to make it their permanent home. Our my client had another London property which was smaller and only used it when he came to London for work. The first dilemma with this case was the fact that even though my client was selling their current home, it would be completed by the time the purchase of the new property.
Our client’s current mortgage lender would not allow him to take out a loan if because was the holder of four residential mortgages and he was finding it difficult to find a lender who would. The issue was that mortgage lenders have to take into account the affordability of my client paying for all four mortgages before committing to terms. To add to our client’s four residential mortgages, he had a £76,000 per annum car payment and was committed to spending £30,000+ on school fees.
Our client needed a high LTV of 80% of the purchase price
Using our contacts at a large high street bank we were able to set up a meeting and I persuaded them to take into account my client’s capacity for future earnings and the fact one of his properties would soon be sold.
Going to a high street lender rather ensured a highly competitive rates than a specialist and they were thrilled we done so.
Our client’s needs were met at a rate of 1.41% over a three-year fixed deal. My client was Thrilled and is very much looking forward to moving the family into his their new family home.