The case in brief
- Client: UK National and Resident
- Property type: Residential Refinance
- Property value: £2 million
- Loan Amount: £1400,000
- LTV: 70%
We recently had the opportunity to assist a high-net-worth (HNW) client in securing financing for their second home purchase in London. Our client, a director at a prestigious London-based company, had been facing a lengthy daily commute from their current residential property near Salisbury in South West England.
Our client
Our client was in search of a broker with expertise in handling substantial banking bonuses, while also offering competitive rates. Fortunately, Articus holds extensive experience in securing property finance for individuals with bonus-based incomes. Their substantial bonus, over triple their base salary – this is viewed less favourably by banks due to its higher risk and less sustainable nature over the mortgage term. Lastly, our client aimed to keep their monthly payments at a minimum.
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The client’s residential property in SW England had a value of £3.2 million with no mortgage, while the desired London property was priced at £2 million. The client preferred not to put any cash in himself so wanted to release equity from their main residence as a down payment.
Our solution
We reached out to a private bank which we knew would take a known practical approach in evaluating income, affordability, and repayment strategies. Our broker arranged the loan amounts to align with the lender’s criteria for interest-only payments, while also securing a highly competitive interest rate for our client.
This case illustrates that as specialists in residential finance, we can provide an extensive range of services. Residential property finance is not the full extent of our offering. We can support your business by arranging a range of finance types – Get in touch today!