In this case, the client was buying a new residential property for £3.5m in North London. It had been agreed upon acceptance of the offer, the client would have 6 weeks to exchange contracts. The borrower had a 25% deposit available and an existing unencumbered property which could also be used as collateral.
With a deadline of 6 weeks, in the current climate, larger loans tend to come under higher scrutiny by lenders due to them being higher risk in nature. Therefore, it was vital that we sourced a solution quickly to give sufficient time to get the mortgage offered and legal work completed. As part of the deposit funds were coming from a remortgage of an existing property, two separate but ultimately linked mortgage applications were required to make the purchase work.
The broker submitted applications to two different lenders, one remortgage and one purchase application, both of which had to be carefully positioned to ensure the right outcome. As often the case with higher value purchases, speed is of the essence. With a 2 week deadline, the broker prioritised the case and liaised with the banks, solicitors and estate agents to get the deal over the line. With Magni Finance, you can rest assured knowing your application will receive the highest level of service.
Property value: £3,500,000
Loan amount: £2,625,000
Repayment type: Interest only
Product type: 5 year fixed
Interest rate: 1.74%