- Client: UK national
- Loan Amount: Circa £2 million
- Purpose: Refinance, debt consolidation and property improvements
Enness was approached by a UK national looking to refinance their primary residence. The client wanted to replace existing borrowing, consolidate higher-cost debt and release additional funds to complete works to the property.
The application was more complex than a standard residential refinance. The client had multiple income streams and a wider asset base, meaning that the lender needed to understand their overall financial position rather than relying on a straightforward income assessment.
The amount of borrowing required also meant that achieving the client's preferred loan-to-value was an important part of the structure. At the same time, there was a tight timeframe, as the client needed access to the funds to progress the remaining property works.
Enness reviewed the client's circumstances and approached a lender experienced in assessing more complex income profiles. The lender was comfortable considering the client's different income sources and wider financial position, allowing us to structure the borrowing around the client's requirements.
Enness successfully secured a circa £2 million residential mortgage within the required timeframe and at the client's desired loan-to-value. The new facility allowed the client to consolidate their existing borrowing while releasing additional capital for the outstanding property improvements.
Bringing the existing borrowing together within a single mortgage also gave the client a more streamlined financing structure, while the additional capital meant the planned works could continue without the need for separate short-term borrowing.
The case highlights the importance of lender selection when a residential mortgage involves multiple income sources, significant assets and a higher loan-to-value requirement. A lender that is prepared to consider the wider financial picture can be particularly important where a standard affordability assessment may not reflect the client's circumstances.
For homeowners with complex income structures, complex mortgage solutions can provide an alternative to standard residential lending. Where existing borrowing needs to be replaced or additional capital is required, remortgage solutions can also be considered.
If you are looking to refinance your home, consolidate existing borrowing or release capital for property improvements, speak to a mortgage specialist to discuss your requirements.
Disclaimer:
This case study is for illustrative purposes only and does not constitute financial, legal, tax or investment advice. Finance is subject to status, affordability, valuation, underwriting and lender criteria. Terms and availability will vary depending on individual circumstances and the property. Property values can fall as well as rise.
Information contained in our case studies is for market and illustrative purposes only. In some cases, these may be made up of multiple cases and are for illustrative purposes only.
Some case studies are made up of enquiries that have come into the business, not all business completes, and the posting of a case study does not represent a completed piece of business.
Property values can fall as well as rise, and you may not get back the amount originally invested. Property investments can be illiquid and may take time to sell. Where borrowing is used, your property may be repossessed if you do not keep up repayments on a mortgage or other loan secured against it.
