Large residential mortgage for self-employed property investor. (September 2009)
An existing client approached us to refinance his own home in order to release funds for further property investment. Property was valued at c£3m and customer required c£2m to clear current mortgage with Northern Rock of £1.4m and release deposit funds for several Buy to Let purchases.
The issue here was that client’s income was from a large residential investment portfolio and income was not easily verifiable. The size of the loan was also a problem for most lenders.
After several meetings with the client and his accountant we were able to provide sufficient information to the new lender regarding income and the following was agreed:
New mortgage - £2m
Interest Rate – 5.29% Fixed for 3yrs
Interest Only for 25 years.
