Large loan residential purchase - LDN Finance

Large loan residential purchase

Article by Anthony Rose Co-Chief Executive Officer

What was the situation?

Our clients had been posted in the US for three years with their existing firms and had now since returned to England for six months before getting in contact. They were intending to sell their main residence at £1.3 million and purchase another at £2.5 million.

What was the issue?

Midway through the transaction to sell their current residence, their buyer pulled out meaning the mortgage figures we applied for on their new residence no longer worked. Based on the timescale to complete required by their vendor, they didn’t have enough time to put their own home back on the market and try to find another buyer. Our clients also wanted to be in their new home for their kids starting school in September 2019 so wanted a swift and certain completion themselves.


What was the process?

After completing a thorough review of all assets, we established they did not have enough cash to keep their existing property and fund the purchase of the new property with the mortgage applied for. We then looked at ways of raising enough money for them to keep their existing property and still purchase the new residence.


What was the solution?

We applied for a buy to let mortgage on their current property, enabling them to capital raise money for a deposit on the new property purchase and to cover stamp duty. We then applied for a larger mortgage with a new lender on the current residential to cover the extra money needed for the second property purchase. As the clients were now borrowing a lot more than previously intended, they wanted to have some of the new residential borrowing on an interest only basis to reduce their monthly payments.

Need a competitive bespoke solution?
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Get in touch with our expert residential mortgage advisers today to get started on your property finance journey. Whether you’re buying your first home, upsizing for more space or refinancing your property portfolio, our award-winning mortgage brokers have got you covered.



Our happy clients

Excellent and outstanding professional service from start to finish. From offering as many options as possible, to explaining to me very quickly what the benefits are and what I should really be thinking about moving forward. Thoroughly recommend.

Mr. M

July 2021

5 Stars! The LDN team supported us purchasing our family home, without their support and as an expat it would have been very difficult to obtain our new home in the UK. I would totally recommended them.

Mr. S

August 2021

Johnny Martin held our hands through the entire process calmly and professionally. Brilliant service, efficient and swift in response to everything. He made the entire journey uncomplicated even when the bank made it complicated. Highly recommended.

Mr. H

July 2021

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