I was recently contacted by a couple with a complex income structure who I had previously helped raise a deposit against one of their buy to let (BTL) properties. They owned four BTL properties in total and wanted to purchase a new residential home in Kent.
The property was valued at £1.8million and they were looking for 80% loan to value (LTV) to buy the property so they no longer had to rent.
Both clients were teachers however, the husband’s complex income came from two different sources.
The high LTV and complex income structure of my client meant it would be a challenge to find a lender who would take into consideration 100% of the husband’s income. However, they had no dependents or unsecured debts so this made them attractive to potential lenders.
A further challenge presented itself in the timeframe the client needed the mortgage secured within; they needed to exchange on their onward purchase before the end of the tax year. I was able to work with the lender to produce terms within two weeks so this was possible.
However, they didn’t want to complete until later in the year so I was able to arrange a delayed completion for them, getting the lender to produce a mortgage offer valid for six months, in line with my client’s plans.
I managed to secure the 80% loan to value mortgage for my clients at a market-leading interest rate of just 1.54%, fixed for two years. I also managed to get the lender to take 100% of my client’s income into account.
This is an example of how Enness are able to cater to our clients’ property financing requirements, regardless of their complexity. We pride ourselves on our exceptional relationships and vast network of lenders, enabling us to provide solutions to any problem.