3 Million Plus Refinance Mortgage

THE SCENARIO

An elderly gentleman approached us seeking a 3 million plus refinance mortgage to fund a lease extension on his £10 million property in Central London.

The property was his main residence and he had owned it for 40 years. He was a non-dom, non-res British national resident in Europe. He was also over 70 years old.

Arranging mortgages for elderly clients is particularly hard to do as banks feel uncomfortable lending to people over 55 as normally their income stream or salary will reduce significantly when they retire. This was compounded by the fact the client was an ex-pat and ex-pat mortgages are typically a challenge in the current climate! A further complexity was that a 3 million plus refinance mortgage is in the upper echelons of borrowing of this kind.

OUR SOLUTION

However, against the odds, we managed to deliver an offer for this 3 million plus refinance mortgage in just three weeks. This was partially due to the client’s asset-base of stocks and property which we initially asked him to expand on so that we had a thorough overall picture.

We also happened to know the only bank in the country that would be happy to do this 3 million plus refinance mortgage without assets under management (AUM) and made an introduction to them on behalf of this client.

Even without requiring a valuation of the property this exclusive bank were able to offer a 3 million plus refinance mortgage on a 5 year fixed rate at under 4%. The mortgage completed within one month from start to finish.

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