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£900,000 Day One Remortgage for Airline Captain – 22nd July 2021


The client had completed on the purchase of his new home in the last month and wanted to remortgage immediately to recoup savings used for the purchase.



Many lenders require applicants to have owned the property for at least 6 months before they are able to remortgage. Also, finding a lender who accepts funds to be raised to recoup savings put into the purchase can also be challenging.


To make the case trickier, as a pilot for a commercial airline, he was receiving 90% of his normal salary due to covid restrictions however this was due to go back to normal shortly.



The broker found a bank who could offer the loan required without a 6 month ownership required. The lender was satisfied with the clients income as he was a very experienced pilot and could show his income was due to return to normality in the next few months. As he earned more than £75,000 per annum, the bank were able to offer 5.5x income multiple which meant the loan was affordable even on the reduced salary.


Key figures:

Property value: £1.4 million

Loan amount: £900,000

LTV: 65%

Repayment type: Capital repayment

Product type: 2 year tracker

Interest rate: 1.99% above BOE base rate (currently 0.1%)