The case in brief
- Client: Britsh national
- Property type: Residential purchase
- Property value: £3 million
- Loan Amount: £1.95million
- LTV: 65%
Securing a fixed rate mortgage deal for a significant length of time can be advantageous. This is particularly true when interest rates have remained historically low for a significant period of time. However, they will be rising in the not so distant future, which could see a significant increase in monthly mortgage payments. On a high-value property, even a small increase in interest rates can add a substantial amount to your monthly outgoings.
Here, our client was looking to acquire a competitive remortgage deal for their main UK residence.
Our client
Our client was a long-term self-employed British national living in the UK. Their need was to remortgage their main residence, with a requirement to secure a long-term fixed-rate mortgage deal to negate the expected rise in interest rates.
As an additional aspect of this application, the client kept most of their money within their business and so we needed to source a lender who would be comfortable taking into account the average net profits accrued by the business as opposed to his personal income.
Our solution
We utilised our extensive network of private lenders to source a partner who was able to offer the long-term competitive fixed-rate mortgage deal that the client required. They were also happy to accept the client’s net business profits to secure the mortgage.
Ultimately, we secured a £1.95 million remortgage deal against a property value of £3 million. This was a 7 year fixed rate mortgage with interest rates of sub 2%, which provided a satisfactory outcome.
A potential rise in interest rates can add a significant amount to a high-value mortgage. It’s particularly savvy, therefore to act when interest rates are at their lowest in order to secure the best fixed-term mortgage deals. As an expert in negotiating the best remortgage deals with a host of private lenders, we have the necessary credentials to source a highly competitive mortgage or remortgage to help offset any interest rate rises. GET IN TOUCH TODAY.