Large loan residential purchase
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.
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My fiancée and I were recommended to LDN Finance when we started our mortgage journey, and the service we have received, and continue to receive, has been outstanding throughout. Phil Levesley initially looked after us and made what can be a very daunting process feel straightforward and easy to understand. He took the time to explain everything clearly, never rushed us, and was always happy to answer any questions we had. Nothing ever felt like too much trouble. As part of the process, we also wanted to explore a number of protection policies, and Phil introduced us to his colleague,
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.
Owen was absolutely amazing and supported me every step of the way throughout the mortgage process. He was always clear, patient, and incredibly reassuring, making what could have been a stressful experience feel smooth and manageable. Bharathy was also really helpful, promptly getting in touch and making sure all the relevant information was handled efficiently. I couldn’t be happier with the service and would highly recommend them both. Five stars without hesitation.
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