- Client: UK National, UK Resident
- Property Value: Above £1.8M
- Loan Amount: Circa £1.2M
In this case, Enness was approached by a multimillionaire entrepreneur and UK resident who was looking to remortgage their main residence and raise additional capital to repay an existing second charge.
The client was an older borrower with multiple businesses and several sources of income. A key requirement was finding a lender capable of taking a holistic view of the client's financial position, including the income generated across their businesses. The mortgage also needed to extend to the client's desired age, making lender flexibility around term and age criteria particularly important.
The transaction was subject to a tight deadline of approximately five weeks, as the existing second charge was approaching expiry and failing to refinance within the required timeframe would have resulted in a significant penalty. The property type and ownership structure added further complexity, meaning a lender with experience handling more unusual cases was required.
Enness assessed the client's wider financial circumstances and approached lenders with the experience and flexibility to consider the full picture. Moving quickly, we secured a residential mortgage of approximately £1.2M against the property, with a mortgage term extending to the client's desired age.
The remortgage was completed within the required timeframe, allowing the client to repay the existing second charge and avoid the potential penalty. We also secured a competitive two-year rate that was more than 2% lower than the rate the client had previously been paying, creating a meaningful reduction in their borrowing costs.
This case demonstrates the importance of taking a holistic approach when arranging finance for clients with complex income structures, multiple businesses and specific age or term requirements. Rather than relying solely on standard affordability criteria, Enness was able to identify a lender that understood the client's broader financial position and could accommodate the property's circumstances and tight completion deadline.
With access to more than 500 lenders, Enness can explore a wide range of mortgage solutions for clients with complex financial profiles. If you are considering a similar remortgage or need finance tailored around complex income and lending requirements, speak to a mortgage specialist to explore your options.
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.
