Janna and Kieran had been renting for a couple of years having previously sold their family home.
Due to the complex nature of their incomes, they needed desperately needed an adviser who could find them a lender that would be able to lend up to 85% of the purchase price on an interest-only basis, whilst allowing annual bullet payments, something that they were unable to find on the high street.
Kieran’s income was made up of significant bonus income paid annually, which he wanted to use to reduce the balance each year to bring the mortgage down to 75% LTV within the first 5 years.
He wanted to be able to budget for the next 5 years and keep his monthly payments as low as possible whilst he saved as much of his disposable income to put towards the significant home improvements that he wanted to complete on the new property.
He was looking for the most competitive 5 year fixed rate that was available and had been recommended to talk to us due to the strong relationships that we have built with Private Banks and our success in placing similar cases of this nature in the past.
Having run through Kieran’s background and his historical bonus history, I talked it through with the bank’s credit committee who were able to offer a bespoke product that met the all the requirements I had identified with Kieran and Janna.
The lender that we used was quick and efficient, and I was able to secure the couple a fantastic 5-year fixed rate of 2.99% on an interest-only repayment basis for a loan of 85% of the value of the property.