- £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
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.
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.
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.