At Enness we often deal with clients who have complicated income structures from their multiple businesses, particularly those who are self-employed.
The client in question was a successful UK-based property developer who owned several businesses in the UK and overseas. He, therefore, had multiple incomes that came in multiple currencies. He was looking to remortgage one of his buy-to-let properties in order to finance the purchase of a magnificent £6.5million London property that would become his primary residence. The property had previously been split into three units of accommodation and required around £300,000 refurbishment costs to return it to a single dwelling.
The client wished for the remortgage of the buy-to-let property and the purchase of the new property to complete in one single package.
Typically, a high street lender would offer around 60% loan to value (LTV) at a rate of 2.5% and higher. However, following some thoughtful research and using strong connections I have with a particular high street lender, I was able to obtain a rate of 1.8% plus LIBOR fixed over a 5-year term along with not only a 70% LTV on the purchase of the new property but also 70% LTV remortgage of the buy-to-let property. My client was over the moon with this result and I was very satisfied with such a successful process.