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Case profile
The client was looking to remortgage her principal residence, for just under £700,000, at a lower interest rate than she was currently on. She required a lender who would accept her application, despite a complication on the title deed. This created a challenge, as the clause in the title deed would be an issue for most high street lenders.
The client had an existing mortgage on her main residence with a private bank, which was being taken over by another institution. The client wished to review the mortgage to reduce her monthly mortgage repayments.
The property had an existing clause in the title deed that requires the client to vacate the property for a certain number of weeks, each year. As a result of the insurance implications, many lenders would not be happy to take a view on such circumstances. This created a challenge in sourcing the funding, as the pool of lenders able to provide the remortgage would be limited.
Solution
We have wide ranging experience in assisting clients with complex circumstances and relationships with over 80 lenders. Together, this enabled us to arrange a bespoke private bank mortgage solution for the client.
We took the time to fully understand the client’s mortgage requirements and presented her case to an appropriate lender. The lender accepted the clause in the title deed and offered an interest rate which reduced the client’s monthly mortgage repayments. Additionally, the client was allowed to consolidate existing debt into the mortgage. This suited her perfectly.
The client was happy with the mortgage terms presented and was able to secure the funding to remortgage her home.
Deal Highlights
| Loan amount: | £681,400 |
| Rate: | 2.25%, Discounted Variable for five years |
| LTV: | 27% |
| APR: | Overall cost for comparison 4.8% APR representative variable |
| Term: | 13 years |
| Type: | Repayment |
| Loan purpose: | Remortgage |
| Lender’s arrangement fee: | £3,407 |
| Early repayment charges: | 3% of the loan amount for five years |
Notes
This case study is for information and illustration purposes only. It is not an offer, or suggestion of an offer. Each mortgage case is assessed on an individual basis and there is no guarantee that the solution described here can be repeated in the future.
Please note that this specific deal may not be available to – or suitable for – all customers, dependent on their individual circumstances. The rate quoted may become out of date at short notice and may not be available at the point at which customers enquire about it. This document may not contain all the information needed for customers to make a decision and they should seek advice.
Overall cost for comparison 4.8%APR representative variable based on 13 years at 2.25%. Lender’s arrangement fee of £3,407. The actual rate available will depend on your circumstances. Ask for a personalised illustration.
largemortgageloans.com is a trading name of largemortgageloans.com Ltd. A fee of up to 1.17% of the mortgage amount is payable, of this 25% is payable on application and the remainder on completion, e.g. on a mortgage of £1,000,000 the fee would be £11,700 of which £2,925 would be payable on application. The precise amount will depend on your circumstances.
Your home or property may be repossessed if you do not keep up the repayments on your mortgage. Changes in the exchange rate may increase the sterling equivalent of your debt. You may have to pay an early repayment charge to your existing lender if you re-mortgage.
