Fast and flexible 95% LTV mortgage for London law firm partner for modern Winchester residential home

Area
Winchester
Capital Raised
£1.28M

London law firm partner presented us with a challenge we met - only for the property to fall through, but we rose to the second challenge presented of a tricky high LTV loan. 

The Scenario

Our client is a partner in a law firm who had found his ideal modern home in Winchester, about an hour's commute from London. When he approached us, he already had a mortgage agreed with one of the most prestigious banks in the UK, but he wanted to see if we could find something to beat this offer. 

The other deal was already at the point of valuation – this meant that if we found a better deal he wanted to go with, the client ran the risk of losing his property.

Also, because of this client’s job as a partner in a law firm, he wanted a very specific payment plan that some lenders may be unwilling to provide- at this point it was a 90% loan to value (LTV) of £1.25M.

We found a bank which would happily lend at the ideal rate for this client which beat his previous agreement. We arranged a face to face meeting between lender and borrower the next day, to the provide the advice and also submit the full application.

So, within a week we were able to bring the client to the same position he was with the existing bank, but on much better terms.

At this point, this client was happy to move across.

The challenges: Unfortunately, the previous property was lost due to a chain break – but, the client and his wife quickly found another within a matter of months. 

Because they had been so happy with the speed of our previous arrangements, they approached us once again with a request to find the exact kind of loan they wanted.

This new property was worth £1.35M – the client wanted LTV of 95% with monthly payments kept as low as possible.

Ideally, the client wanted the loan structure of 75% LTV on an interest only mortgage basis, and the remaining portion – up to 95% - on a repayment basis.

This was a challenge – many lenders would not be happy with providing terms on this basis.  

The Solution

The process from start to finish was quick – even for us.

With the previous property, we found this client a lender, and they met the next day to confirm the mortgage at a better rate than previously agreed – on cheaper terms. Because we were so quick in getting the terms together for the first property, our client decided to come back to us for this second property.

Once again, our client was very pleased with the speed at which we were able to move this process. 

This arrangement was on a 75% LTV interest only basis, and the remainder of 20% on a repayment basis. This provides the client the flexibility to pay down this capital balance annually. The rate of intertest charged for this loan was a competitive 2.6% APR. This will achieve 75% LTV after 5 years after capital repayments.

The deal we arranged meant that the arrangement fee was 0.5% lower than the other bank's offer,  and only required the client cover their own legal fees – saving our client £6,500 in fees.

The interest rates from our bank were also 0.3% lower than the other – meaning over a 5-year period, our client saved approximately £20,000 in interest.

This meant that, by coming to us instead of sticking with the previous lender, this borrower saved a total of £26,500 – plus legal fees. Our client is delighted, and now ready to move into their home. 

Jack Spillane

Finance Broker

Bristol

0117 959 5094

Is your situation similar to this? I specialise in helping clients who need creative development finance solutions, and second-charge mortgages. Give me a call any time and we can set up a detailed discussion of the finance you need.

Mathew Phillips

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.

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.

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. Please get in touch and we can arrange a time that's convenient for you to discuss your situation.

Sam ONeill

Senior Finance Broker

Bristol

0117 959 5094

Is your situation similar? I am a bridging finance specialist at Clifton. I can find a quick, cost-effective solution for the funding you're looking for.

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.

Adam Arnott

Associate Director

Bristol

0117 205 0214

Is your situation similar to this? I have extensive experience of advising clients who need creative property finance solutions. Please get in touch and we can arrange a time that suits you for a detailed discussion of your requirements.

Contact Us