Part and part mortgage on £2.75 million property for couple recently returned to UK

Key figures:

• £2.75million property purchase
• 75% interest only with 80% loan to value on part and part
• Rate of 1.69% 2-year fixed
• 15-year term

The client:

These clients came to Enness following an online search with their unique criteria. The couple had recently moved back to the UK from Singapore. They both had high-flying positions and earned around £400,000 pa. combined.

The property:

A beautiful family home outside the commuter town of Reading, valued at £2.75million.

What were they looking for?

They were seeking the maximum loan to value (LTV) achievable with interest only.

Why was it difficult?

The clients specifically requested that Enness approach a retail bank for their loan. They sought a very high LTV with interest only which is very unusual for high street lenders to offer.

What was the process?

A lot of lenders that Enness approached would only offer around 50% LTV for these clients and their circumstances. This was not enough to serve these clients’ needs.

However, Enness has a very strong bond with a particular high street lender and the London team were able to negotiate an 80% LTV to be repaid on a part and part basis. This allowed for the clients to have lower monthly repayments.

The solution:

Following a reasonable discussion, the clients were offered a very attractive rate of 1.69% for 2 years fixed over a 15-year term on the Reading property.