Clients often come to Enness requiring shorter term finance than the typical residential mortgage. Within this bracket, Enness also encounters many clients who need mortgages which far outstretch their salary, not including other income.
Often clients needing short term finance acquire bridging loans, which fill the financial gap between the purchase of a property and sourcing the capital exit for the loan, which is commonly known beforehand. Whilst bridging serves its purpose in the fast paced world of buy to let (BTL) investment and other quick fire finance needs- for these residential buyers who also need finance quickly, bridging rates can often be seen as too expensive and the repayment terms too short.
A client’s salary may not match their required mortgage for any number of valid reasons: they may run their own company and only withdraw certain levels of income per year for tax advantages and thus have large cash reserves, they may have recently moved jobs or be in the process of looking for a new job and so have a fluctuating income, clients may even have recently inherited a large sum of money vastly above their stipulated salary.
To facilitate these needs Enness now has access to a 2 or 5 year Pre-funded fixed product mortgage for residential purchases or remortgage. A short term residential solution for clients with a large cash reserve or solid exit in place, the unique selling point of this Pre-funded fixed term mortgage comes with its pre-funded aspect.
Where income falls short of what clients want to borrow, but they have cash reserves, clients can place reserves with the lender (covering all payments for the 2 years) so they won’t base the loan amount on income. Clients can then ignore the standard income multiples that the majority of lenders have in place, whilst also enjoying excellent rates.
- 2 years at 2.44%
- 5 years at 3.44%
- 70-75% Loan to Value (LTV)
Enness is only able to source these types of rates due to our excellent relationships with lenders, built, maintained and nurtured over a number of years. If you are interested in this product then please do get in touch, we will be delighted to talk about your unique finance options.