£6.5million London townhouse purchase for Monaco-based expat

PARTNER

Chris Lloyd

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At Enness, we have a wealth of experience in securing mortgages for Prime Central London property. With the market currently somewhat uncertain, many are taking a longer-term view of capital appreciation and, as such, are looking for long-term solutions to protect them in the event of fluctuations.

I recently helped a client in this situation; a British expat based in Monaco who wished to buy a London townhouse. The property was being purchased for £6.5million, and the client was looking for a 75% loan to value (LTV) – a loan amount of £4.875million.

At such a high value, the high street is extremely unlikely to consider a loan at 75% LTV, therefore it was essential to approach a private bank who are far more willing to consider this type of deal.

This is where our network of over 250 lenders is crucial; we work with private and high street banks, as well as private and specialist lenders, giving us access to the most flexible options on the market.

OUR SOLUTION

On approaching the private bank, I was able to secure my client a rate of 2.89% fixed for a 10-year period. This long-term product means the client can lock in an excellent rate, and not have to worry about any potential interest rate rises.

At Enness, we offer more than just property finance. We have an in-house team of specialist insurance brokers, so I was able to guide my client in what he might need to protect his property.

As he was a Monaco-based expat, my client was away from his home at long periods of time, so we were able to arrange buildings and contents insurance to give him peace of mind while away from his London townhouse. Furthermore, my client had a couple of pieces of high-value artwork, which exceeded the values set by his contents policy, so we were able to secure this for him as well.

• £6.5million London townhouse
• £4.875million loan
• 75% loan to value
• 10-year fixed rate of 2.89%