
£1.5m Complex Mortgage Purchase And Refinance Using An Accountant Reference
The Scenario:
Our clients joint owned a business that was improving year on year.
They took modest salaries but had high net profits retained in the company. Our clients had a substantial increase over 2020 so we needed to find a mortgage lender who was happy to look at last year rather than an average so that they could meet affordability for their new £1.4 million home.
Another challenge we faced was that the couple planned to keep hold of their existing residential property and transfer this to a buy to let in a limited company.
Finding a lender that was happy with a consumer buy to let, especially owned by a LTD company was going to be tricky.
The Solution:
We found a mortgage lender who was happy to base affordability on the most recent years profits, allowing our clients to borrow 75% which was just over £1 million at a very competitive rate.
The bank was able to use an accountant’s reference, which made the assessment a much quicker process.
The difference in borrowing between using a lender who will take an average and a lender which will consider the latest year of profits was over £500,000.
We also arranged the mortgage for the consumer buy to let at 75% LTV.
The bank was comfortable to consider the former residential property and had no issues with the overall transaction. To ensure we were able to meet a tight deadline they were also able to accept indemnity policies in place of searches, which saved around three weeks in the conveyancing.
We are often approached by clients who haven’t drawn a high salary and dividend while their business grows or they do not require a high level of income to meet their lifestyle.
Using net profits is a great way to help clients purchase their dream house.
Louis Levine
Finance Executive CeMAP
Bristol
0117 457 7862
Are you looking for a similar type of property finance?
Get in touch today and find out how I can help.
George Abouzolof
Finance Broker
Bristol
0117 403 3444
Do you need help sourcing your own property finance?
I have extensive experience securing UK mortgages for expat clients. Book a free telephone consultation with me at a time to suit you
Bridging Team
Clifton Private Finance
Bristol
0117 959 5094
Are you in need of a similar type of property finance?
Book a free telephone consultation with one of our bridging specialists today and see how we can help you.
Sam Baker
Finance Broker
Cardiff
0117 959 5094
Are you looking for a similar type of property finance?
As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you
Fergus Allen
Finance Broker
Cardiff
0117 959 5094
Are you in a similar situation? I specialise in bridging finance at Clifton Private Finance - I will find you the best funding solution for your property transaction.
Book a free telephone consultation with me at a time to suit you
Jacob Phipps
Finance Broker
Bristol
(+44) 0117 959 5094
Are you looking for a similar type of property finance?
I specialize in helping international clients source residential and investment property finance for UK property. Book a free telephone consultation with me at a time to suit you
Jack Spillane
Finance Broker
Bristol
0117 959 5094
Mathew Phillips
Senior Finance Broker
Bristol
0117 959 5094
Are you in a similar situation? I specialise in bridging finance at Clifton Private Finance - I will find you the best funding solution for your property transaction.
Book a free telephone consultation with me at a time to suit you
Alex Chambers
Senior Finance Broker
Bristol
0117 403 4324
Are you in a similar situation? I am a specialist in residential and investment property finance for UK and international clients at Clifton Private Finance. Please don't hesitate to get in touch for a no-cost discussion of the finance you need.
Book a telephone consultation at a time that suits you:
Luther Yeates
Senior Finance Broker
Bristol
0117 244 5561
Are you looking for a similar type of property finance?
I have extensive experience finding residential and investment property finance for UK and international clients. Book a free telephone consultation with me at a time to suit you.
Sam ONeill
Senior Finance Broker
Bristol
0117 959 5094
Is your situation similar?
I am a bridging finance specialist at Clifton Private Finance. I can find a quick, cost-effective solution for the funding you're looking for. Book a free telephone consultation with me at a time to suit you
Robert Gibb
Senior Finance Broker
Bristol
0117 959 5094
Are you looking for mortgage or short-term finance for residential or buy-to-let property (including HMOs)? I have extensive experience in finding property finance solutions for UK and international clients, both as individuals and limited companies. Please give me a call and let me see what I can do for you.
Book ConsultationAdam Arnott
Associate Director
Bristol
0117 205 0214