After reading a case study on the Enness Private Clients website, a couple recently called in to assess whether Enness could assist them in remortgaging their home at 18% loan to value (LTV). Their current lender would not let them remortgage on their property because they do not currently offer residential mortgages so they enquired as to whether we could assist them which, naturally, as experts with complex remortgage, we could.
My clients were an older couple and directors of a successful IT software company and the property in question consisted of two semi-detached houses which had been knocked through to make one large property. Planning permission had been granted for this but the properties had been restored under separate titles by my clients; as semi-detached properties, each costing £1million, thus I knew it would be a complex remortgage case.
My client’s age was the first major hurdle in this complex remortgage case. Both in their mid-60s, the 10-year term they required would take them beyond the age of 75 and retirement. Their company’s profits had also dipped in the previous year meaning I would have to get proof from their accountant that my clients could afford to repay their mortgage.
Lenders are also not keen on placing one mortgage across two titles and a stipulation of the terms for my clients was they needed to rebuild the wall that separated the semi-detached houses, which would provide an exit for my clients.
After assessing my client’s income over the next year, they had various pensions kicking in, savings and life policies, I met a lender with whom we have a very special relationship and explained my client’s situation. As I suspected, they were very understanding with my clients’ income and knew they had security of equity too. With my clients only looking to acquire an 18% LTV, I was able to secure an exclusive rate for my clients.
I secured a 2.79% rate with discounted variable and my clients were absolutely ecstatic with the results.