Location: Richmond

Loan Amount: £4,000,000

Finance Category: Residential Mortgage

The Story

We were approached by an existing client who was looking to purchase a property in a nearby postcode in order to move to a better school catchment area.

He wished to retain his current main residence and let it out.

The Challenge

The client already had mortgage borrowing on his main residence and needed to release additional funds to use as a deposit for the purchase.

Although the rental income was good, high-value single units often do not have a comparatively high rental return on them due to the high value of the unit itself.

The Solution

We approached a lender who could look at a combination of the proposed rental income and personal income when assessing the existing property and the onwards purchase – this enabled the client to maximise his borrowing.

By approaching the same lender for both the buy to let and the main residential mortgage, they became comfortable with the scenario and the overall borrowing position for the client.

 

Fox Davidson

Fox Davidson is an award-winning team of residential mortgage brokers. To discuss your remortgage funding requirements, please email enquiry@foxdavidson.co.uk or call us on 0117 989 7950.

Sarah Fox-Clinch

Director & Property Finance Consultant

About: Sarah has been in the mortgage industry for over 20 years and has amassed considerable experience in complex lending situations. Her passion is assisting clients with high-value transactions, property with acreage, and lending based on complex income. Sarah’s work ethos is to focus on each individual and give the time and support needed to help them move forward with their lives.

Favourite Film: Alien or Blade Runner

Quote: “Wanting to be someone else is a waste of who you are.” – Kurt Cobain