What was the situation?
I was recently contacted by my clients who were looking to purchase their new 5-bedroom family home. It was an off-market purchase and the clients wanted to secure a competitive rate and move quickly.
The purchase price was almost £1.4 million and my clients were looking for a mortgage of 85% loan to value (LTV), using a healthy deposit from the sale of their existing property. But In order to obtain their desired loan amount, they needed to use a share of the net profit from across their limited companies that were held within a LLP (limited liability partnership), of which they are directors and partners.
What was the issue?
At the point of initial contact with them, the clients had already been provided a quote from a private bank. They were due to proceed, however they felt that a more competitive rate could be obtained.
Due to the size of the loan, the number of lenders that would be willing to provide funding was significantly reduced and I had to use my expert knowledge to know who to present the application to. In addition, the clients also had their complex limited company/partnership income structure which meant a bespoke lender approach was needed.
What was the process?
Knowing that a more bespoke approach was required, I approached a lender that uses a select panel of brokers only, including LDN Finance. I presented the case to the underwriters who were happy to consider it due to strength of my client’s financial profile.
Upon getting the ok from the lender, we were informed that rate changes we about to impact any outstanding decisions. With current inflation, unfortunately this is a regular occurrence however, as the client knew they wanted to proceed I went above and beyond to make sure the application was submitted before the rate increase came into effect later that day. I did it, and had about 30mins to spare!
What was the solution?
I was able to secure a 2.35% 5 Year fixed rate loan for the client. By locking in this rate, I was able to save the client thousands of pounds over the lifetime of their mortgage product period. The clients were able to progress to completion quickly and were extremely happy with the outcome.
Lending solutions with LDN Finance
Are you looking to upsize your family home but have a complex income structure? We’re here to help you find a solution – no matter how complex your circumstances. At LDN Finance, our specialist brokers have extensive experience in providing creative solutions to secure large loans for our clients.
We work closely with our trusted network of private banks and both high street and specialist lenders to arrange bespoke mortgage arrangements to suit your circumstances at competitive, market-leading rates.
Get in touch with us to organise an initial consultation.