My clients approached me to secure a 1.3 Million Pound Flexible Mortgage Arrangement in one week. They were buying for £827,500 and were looking to borrow 60 per cent loan to value. Having agreed a buy to let mortgage quickly, my clients then contacted me regarding the mortgage they needed on their new residential property.
They were buying a home in Hampstead for £6.15 million. They wanted to borrow £1.3 million with their deposit coming from cash and the sale of their existing home.
As my clients were using most of their savings to conclude the purchase of the buy to let and residential property, they believed they did not have any assets that they could transfer to the management of a new lender.
However, after discussion with my clients I was able to establish that they held a pension with a private bank. I spoke to my underwriting contacts at the bank who were able to go out on a limb and offer my clients an exceptional deal based on their existing relationship.
I was able to agree a £1.3 million mortgage at a rate of 1.6 per cent above the overnight LIBOR rate. The loan was arranged on an interest only basis on a flexible facility that allowed my clients to overpay and redraw funds as required. With no early repayment charges and a very competitive arrangement fee, my clients were able to benefit from an extremely low rate and flexible terms.
Taking the time to understand my client’s existing financial position was the key to this deal. Only by understanding their assets and liabilities could I establish they had a pension fund that we could take into account when negotiating terms with a private bank. Using my underwriting contacts I was then able to secure preferential terms and agree the £1.3 million Flexible Mortgage Arrangement in One Week.