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We understand the challenges of arranging large loans for self-employed entrepreneurs and have the private banking contacts to provide a tailored solution for such clients.

To discuss this or any other large mortgage case, please contact us.

Case profile
Our client, a self employed director of a communications agency, needed to arrange a mortgage of £1.25 million to purchase a property valued at £2 million. The high street bank he was dealing with delayed its decision on the application and then, after a few weeks, declined it on the grounds that his accounts had shown a reduction in profits, compared to the previous period. This created considerable stress and anxiety for the client as he was under pressure to exchange on the property within two weeks. (more…)

This case demonstrates how a bridging loan enabled a client to take possession of an inherited property, pay off the existing mortgage, repair and refurbish the property and gain planning permission to build a new property for subsequent sale.

Our commercial specialists can arrange bridging finance at competitive rates due to their extensive connections and experience in negotiating with lenders.

To discuss this or any other commercial case, please contact us.

Case profile
A client recently inherited a cottage which had an existing equity release mortgage secured against it. The property had a significant amount of land surrounding it and the client wanted to split the land into 2 plots, apply for planning permission and build a new property which would then be sold.
The client’s mortgage broker attempted to arrange buy to let finance but the banks were reluctant to lend due to the client’s lack of income and because the property had structural damage. (more…)

We have just arranged a competitively priced £1.85 million mortgage for a non-UK citizen.

To discuss this or any other large mortgage case, please contact us now

Case profile
Our client, a South African lawyer, wanted to purchase a property, valued at £2.35 million, to use as a second home in London. He works and lives in South Africa with no permanent rights to reside in the UK and is a wealthy individual who could afford to purchase the property outright. However there are restrictions on the amount of money that may leave South Africa and so the client needed a substantial mortgage of £1.85million.

The solution
As the client has no permanent rights of residence, he could not find a high street bank that was willing to lend.  He chose Largemortgageloans.com because of its reputation as a large mortgage specialist having strong relationships with over 44 private banks and boutique lenders.

The experienced Largemortgageloans.com mortgage manager recognised that the client banked with one of the largest financial institutions in South Africa which also operates a specialist UK bank. A meeting was set up with the private banking division of the UK bank, which offered the client a competitive rate of 2.24% over the Bank of England Bank Rate.

Deal highlights

Loan amount: £1.85 million (78% LTV on £2.35 million purchase price)
Rate: Bank of England Bank Rate + 2.24%¹ variable rate (pay rate of 2.74%)
APR: 3.6% ²(the overall cost for comparison)
Term: 5 years      
Type: Interest only    
Loan purpose: Purchase of second home
Arrangement fee: 0.875% of loan amount
Early repayment charges: None

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.

¹Please 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.

²APR (the overall cost for comparison) calculation based on arrangement fees of 0.875% x £1.85 million (£16,187.50) and legal and valuation fees of £5,000. 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% of the mortgage amount is payable, of this 25% is payable on application and the remainder on completion, e.g. on a mortgage of £100,000 the fee would be £1,000 of which £250 would be payable on application. The precise amount will depend on your circumstances.

Another deal placed by the specialists in large mortgage loans

We have just arranged a ‘near prime’ £1.6m mortgage at Bank of England bank rate plus 3.25%¹ – a pay rate of just 3.75% (APR 4.3%²) – for a young entrepreneur with plenty of equity but a slightly blemished credit record.

To discuss this or any other large mortgage case, please contact us.

Case profile
Our 28 year-old client has run his business as a sole trader for 8 years, before converting it into a limited company last year. His earnings are around £400,000 per annum. He wanted to buy a New Build property for £2.68 million, borrowing £1.608 million (4 times his annual income) at a loan to value (LTV) ratio of 60%. However, in 2007 he had a dispute with a hotel over a bill, which resulted in a County Court Judgement (CCJ). Although the client satisfied the CCJ in November 2007, it still shows up on a credit check in 2011.

Two mortgage brokers who tried to place his case with high street banks managed to get a total of 6 separate agreements in principle, only to have the banks’ underwriters turn the case down on every occasion because of the CCJ. The 6 credit checks involved in these applications further damaged his credit rating. (more…)

We have just arranged a 90% LTV £2.1m mortgage at 3 month Libor plus 2.75%¹ – a pay rate of just 3.59% (APR 4.1%²) – for a Premiership footballer.  To discuss this or any other large mortgage case, please contact us.

Case profile
A young Premiership footballer moved club from the North of England to London, renting a property to start with as he built up a deposit and looked for somewhere suitable to buy. He found a house on the market at £2,825,000 and the vendor offered to take £500,000 off the purchase price if he could complete the deal within a set deadline. This brought the price down to £2,325,000 but, not having had time to build up a significant deposit, our client needed to borrow 90% (£2,092,500). Such a deal is not available on the high street. (more…)