60% loan to value (LTV)
3.09% fixed for 2 years
This client came to Enness following an introduction from my wife here in Dubai. I then referred him to the team in London. He was a co-owner of his family’s successful business.
An exceptional property in Tunbridge Wells valued at £1.8million. The property was part residential and part commercial as it included a vineyard and some cottages on the grounds. The cottages were intended to be let out as holiday homes.
What were they looking for?
My client was based in Dubai but aimed to return to the UK in the next couple of years. This home would be his primary residence following the move. He was looking to purchase at around 60% LTV while mortgaging his second property, a buy to let in London. The London property was valued at £1million, and he required a high LTV to raise funds to purchase the Tunbridge property.
Why was it difficult?
He was based in the UAE, where it is not a requirement to fill accounts with income information. This means that he had no proof of income. Originally, he was relying on internal profit and loss statements to secure a loan, but it would be next to impossible for banks here to consider an application based only on these.
What was the process?
The London team approached a British private bank that has no requirement for pre-paid interest and did not need to see proof of income after understanding the client’s credentials. This lender is known for taking a pragmatic approach and spending time getting to know the client and understanding his motives.
Enness managed to acquire a 60% LTV on the Tunbridge property purchase and an excellent 75% LTV refinance on the London buy to let. This was secured at a rate of 3.09%, fixed for 2 years over a 5-year term.