A client approached me who had just been made a partner in a city law firm. He and his family wanted to move to Kent and had found their dream house – a property valued at £1.3 million.
However, although his earnings were going to increase significantly over the next few years, at the stage he was looking to borrow this was not the case. Arranging mortgages for law firm partners can typically prove quite challenging without the help of a broker.
To complicate things, he only had a 10% deposit to put down and this was outside of pretty much all of the bank’s lending criteria at that time.
When he came to Enness Private Clients he was concerned that his only choices were to either lose the property he had set his heart on, wait twelve months to accumulate more money for the deposit, or to borrow money from either family members or the bank.
None of these options were ideal for my client when he considered his circumstances.
I was able to provide my client with another option he had not been aware was possible.
I got a loan immediately agreed outside the usual criteria by a private bank I have a relationship with. It was set with the provision that my client had to make a bullet payment of 7.5% of the loan amount at the end of the year.
This was ideal for my client with his earning structure and he was delighted with this solution.