£1.3m Interest-Only Mortgage for a London Residence Ahead of a New Senior Role
What was the situation?
Our client, a senior legal professional, had accepted a new role in London. She wanted a home near her new workplace, but did not want the change of job to dictate what happened to her main residence in Wiltshire.
Her plan was to retain her existing home and mortgage, while purchasing a second residence in the capital. This would give her a personal base in London without requiring a permanent relocation.
What was the issue?
When the application was submitted, the client had left her previous position and was completing a period of garden leave. Her new appointment, salary and start date were confirmed, but she had not yet begun the role or received any income from it.
The lender was therefore being asked to agree a £1.3m interest-only mortgage using a salary that had not yet come into payment. The client would also retain the mortgage on her Wiltshire home and own two residential properties.
What was the process?
Martin Ball – Mortgage Adviser, Private Clients, set out the employment timeline, including the client’s departure terms, garden leave, confirmed new position and agreed start date. He connected the London purchase directly to her new role and made the continuity between the two appointments clear.
Drawing on his experience arranging high net worth mortgages, Martin identified a lender with a large loan team that could consider the complete picture. The team was initially cautious about the timing, so Martin dealt with it directly, answering its questions and providing the detail needed to establish the client’s position.
Her confirmed salary was sufficient for affordability without including projected bonus income. Her substantial deposit and wider financial position strengthened the application.
What was the solution?
The lender agreed a £1.3m interest-only mortgage at 76.5% LTV, enabling our client to complete her £1.7m London purchase before her new role began.
She retained her main residence and its existing mortgage, while beginning her new position with a London home already in place. The mortgage also gave her the option to reduce or repay the balance earlier as her plans developed.
Martin turned the timing of the client’s employment change from a reason for lender caution into a clearly presented case for lending. The required mortgage was agreed before she received her first salary from the new role.
The outcome reflects Martin’s experience presenting high-value mortgage applications for senior professionals between confirmed roles and working directly with large loan teams when timing falls outside standard criteria.
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As a returning customer, I would like to express my sincere thanks to the team for their outstanding support during the completion of my property purchase. In particular, Catherine and Darren have been incredibly helpful throughout the process. Their communication, professionalism, and customer service have been absolutely excellent, making the entire experience smooth and reassuring. Many thanks again for all your hard work.
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