The client: Our client, a partner in a top-end law firm, needed to borrow £1.6m in order to purchase a property to live in. He has payslips from his employer evidencing his salary but these do not show any tax deductions as this is dealt with internally by an accountant.
To further complicate matters, the client is paid in dollars rather than sterling and wanted a part-repayment, part-interest-only mortgage in order to keep the monthly mortgage payments down. The client also needed a mortgage offer quickly as he was in competition with another buyer to purchase this particular property.
We needed a lender who would be prepared to act quickly, lend to a client who was paid in dollars but wanted a sterling mortgage and agree to a part-repayment/part-interest-only basis in order to keep monthly payments manageable.
Key requirements: –
After sourcing the market, we identified a lender who agreed to lend the full amount required on a part-repayment, part-interest-only basis, within the tight timescales.
- A lender prepared to agree to lend in sterling to a client paid in dollars with payslips showing no tax deductions.
- A lender prepared to lend on a part-repayment/part interest-only basis.
- A lender prepared to move quickly and add the fee to the mortgage.
The application process: To support the mortgage application, the client provided evidence of his income via his payslips, as well as evidence of his identity. We were delighted to inform him that a lender had issued a formal offer for the full amount requested within 48 hours. What’s more, as mortgage rates have continued to decline in recent weeks, the rate also came down twice before the client drew down the funds, enabling him to take advantage of a more competitive rate, which he was understandably delighted with.
- Property value: £2.5m
- Loan amount: £1.6m
- LTV: 64%
- Rate: 4.89% fixed for five years
- Lender product fee: £1,495
- Monthly payment: £7,215