Quick Mortgage Arranged to Raise £1,286,250 For London Home Within Two Weeks of Making an Offer

Quick Mortgage Arranged to Raise £1.2m For London Home Within Two Weeks of Making an Offer

Area
London
Capital Raised
£1.29m

In the modern world, the property market moves fast.

And you can’t always afford to wait around for underwriters and lengthy administration timescales to get your mortgage in place for your property purchase, which is what happens when you go directly to a lender.

This case is a great example of our brokers working with speed and efficiency, and how a proactive conversation with an adviser early on in your mortgage journey can help secure your dream property when you find it.

The Scenario

  • Our client approached us towards the end of November having found a three bedroom flat to buy in a desirable area of London.

  • He’d contacted us previously whilst he was house hunting in order to ascertain exactly how much he could borrow.

  • And this had given us the opportunity to gather all the information we required for his mortgage application, and we’d maintained our relationship with the client assuring that we’d be on hand to help when he needed us.

Upon making an offer on his property, the client wanted to act fast. But his mortgage application was complicated by a few factors.

Firstly, he needed to include his annual bonus in his application to ensure he could reach the loan value he required.

However, he’d only been employed by his current employer for one year, and had only received one bonus payment.

And lenders typically ask for at least two years of bonus history from the same employer for it to qualify towards your mortgage application, which our client didn’t have.

In addition to this:

  • Our client's income was paid into an offshore bank account – most mortgage providers don’t like this because it adds a level of risk that they’re not equipped to handle.

  • Our client had also resided abroad in 2019 which would be an issue with certain lenders when providing his address history.

  • It was a share of freehold ownership, which again some lenders can have a problem with.

  • And finally, his deposit was being entirely gifted from abroad - another red flag for lenders for financial crime and money laundering risks.

The Solution

Upon receiving confirmation that our client had made an offer, we applied for his mortgage on the same day.

Due to the complexities of the clients’ bonus income, we needed to use the right lender that had underwriters in place who could take a comprehensive understanding of his income streams.

We were able to average his latest annual bonus with his last paid bonus from his previous employer – an exception that wouldn’t normally be made if not going through a good broker.

And because of the clients’ overseas bank account, previous foreign residency and overseas deposit source, our broker needed to liaise closely with the lender’s underwriters and compliance team to ensure his application was accepted.

The outcome?

We secured a 75% loan to value mortgage on a £1.715m property within 14 days of our client making an offer on his property.

An exceptionally quick turnaround, considering:

  • The large loan size (which would typically require additional internal checks)
  • Our clients’ complex bonus income
  • His foreign bank account and gifted deposit
  • The share of freehold ownership
  • And the time of year (the run up to Christmas)

The lesson learned?

Speaking to a mortgage adviser early, even if you haven’t identified your new property yet, can save you time, money and effort in the long run.

The sooner you can have a conversation with a broker about your situation and your property ambitions, the better – and we’re happy to invest the time early on into making your long-term property goals a reality.

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 Consultation

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 Consultation

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

Book Consultation

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. customDatabaseField-8455

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 Consultation

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. customDatabaseField-8455

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.

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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.

Book Consultation

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.

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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. customDatabaseField-8455

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