High Net Worth Mortgage for Business Owner
11th August 2022
Key Figures:
- Client: British National & Resident
- Property Type: Main Residence, Belgravia
- Property Value: £7,000,000
- Loan Amount: £4,200,000
- LTV: 60%
- Interest Rate: 2.24% PA
- Term: 5 years
High net worth mortgages are always based on your individual circumstances. We negotiate all aspects of a mortgage on a case-by-case basis, meaning you benefit from a high degree of flexibility, and the mortgage will be fit for purpose.
We were recently approached by an entrepreneur that had launched their business 6 months ago. Whilst financing a mortgage for a self-employed business owner can be challenging in itself, this particular client had an unusual income structure with no income on tax returns and no company accounts to show. This meant that sourcing a financing solution with a mainstream lender that would fit the client's needs was next to impossible.
In this case, assessing the client's assets and financial background to work out how to present their case to lenders was key. Because every mortgage we offer is tailored, it is possible to arrange significant mortgages if you have insufficient provable income according to the lender's rules around affordability. Here, we will typically try and show that you own other assets that you could invest to create income, repay the loan, or give the lender background support to be comfortable with the credit risk. In these case, we were able to utilise the client's former main residence to classify for a high net worth exemption.
High net worth mortgages need to work for all parties involved, and there is often a greater need for flexibility, visibility and access to significant finance than in any other area of the mortgage market. With access to more than 500 specialist lenders, we ap to fulfil the client's requirements by soliciting a building society that could provide a competitive rate for the client - as a result, offering the client a 60% LTV with a 5-year, variable rate of 5.94% per annum.
Enness' lending panel is completely unrestricted, allowing us to cater to you regardless of the details that can limit other mortgage brokers, like your nationality or political status. Even if you have an extremely complicated financial situation, we will be able to help you unpick troubled elements, refinance them and put everything back together on a firmer footing. To discuss your scenario, get in touch today.
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