- Client: UK National and Resident
- Property Value: Approximately £1.5m
- Loan Amount: Approximately £1.2m
In this case, Enness was referred to a finance professional by an existing client whom we had previously assisted. The client had only bought their current property within the past 1-2 years, but it was already proving too small for their future family plans, so they wanted to upsize quickly.
The client had a high-earning position, and we needed a lender who would be comfortable with this being the sole source of income for all their existing expenditure, as well as being able to cover their new purchase and any additional costs that may become applicable.
The challenge for this case was that we were working against a tight deadline and ensuring that affordability would cover all the new lenders' requirements. Given the delays in selling the current property, completion of the purchase would take place prior to the sale, meaning that the mortgage on the existing property would still be ongoing for the first few months of the new mortgage.
This meant that we needed to find a lender who could stretch affordability to cover both mortgages at the outset.
Moving quickly, Enness successfully negotiated a residential mortgage with a lender who was comfortable with the client’s circumstances at a market-leading rate. Given that the majority of the client’s income was commission, which is variable and not guaranteed, most lenders cannot use all of this. We were able to find a lender who could accept 100% of it, meaning that affordability for both the mortgage was no longer an issue. The lender also offered a generous overpayment allowance, allowing the client to choose to pay down a large proportion of the loan using the proceeds from the sale of the current property, once it is sold, thereby reducing the high, day-one loan-to-value. This was all achieved, and the offer was issued by the lender within 4 days of submitting the application.
Enness has access to over 500 Lenders and can present the best possible terms to our clients. We specialise in dealing with ultra-high-net-worth individuals and can quickly understand the client profile and requirements.
If you or your clients are experiencing difficulties arranging global finance, please don't hesitate to contact us.
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.
