
3 day approval on a million pound 100 percent flexible offset mortgage
When you have complex income sources and flexible cash reserves your broker needs to find a mortgage solution that makes the most of your money.
The Scenario
This was a client who emailed us on a Sunday, and we were able to talk to them on the phone the same day. They’re busy business-owners: a husband-and-wife who run a successful company doing refits on commercial premises.
Business had been good and they were looking for a larger family home. They had their eye on an 8-bedroom Grade II listed former farmhouse in Hertfordshire, costing £1.3M.
They had £300K ready as their deposit, but they had an additional £1M available in cash reserves which they accessed regularly to pay their clients. They were looking to borrow the remaining £1M on the purchase price, but they had some flexibility on the size of the deposit they could put down.
The Solution
This was a case of leveraging our clients’ liquidity to get their money working hard for them.
- An offset mortgage would allow them to keep their cash reserves in a savings account linked to their mortgage, and still have access to them for business purposes.
- Many lenders only allow a 50% offset facility, but we found a 100% flexible offset mortgage product which would make their mortgage interest-free.
- By increasing their equity by £25,000 the cost of their borrowing would be reduced by £4,000 a year.
An additional issue: in the preceding year their company had done a major refit project in an overseas tax haven, and had formed a separate company to handle the project and remit the income back to the UK. Lenders like to be able to see the record of tax paid on income.
The first lender we approached was concerned about whether the UK company’s earnings were sustainable. So we quickly took their application to an alternative lender offering equally competitive terms, who would be satisfied by an accountant’s reference confirming that the previous year’s income had been UK-generated, and the current year’s income-to-date was also generated in the UK.
Within three working days we had the borrowing signed off and approved by the lenders’ senior underwriter.
Louis Levine
Finance Executive CeMAP
Bristol
0117 457 7862
Are you looking for a similar type of property finance?
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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
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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.
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Jacob Phipps
Finance Broker
Bristol
(+44) 0117 959 5094
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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.
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Luther Yeates
Senior Finance Broker
Bristol
0117 244 5561
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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