Mortgages. Introducer Case Studies. Tailor made mortgages; how we get the perfect fit. Contents. Page
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1 Introducer Case Studies Mortgages Tailor made mortgages; how we get the perfect fit Contents Page Interest Only into Retirement Large Loan Size Ex-Pat Self-Employed Residential Bridging
2 Interest Only into Retirement Tina Farr Intermediary Mortgage Sales Manager My broker required 1.0m against a valuation of 3.0m on an Interest Only basis over 5 years. Aged 65 and 62, the borrowers had various commercial let properties which income was calculated from, after full accounts were provided. The borrowing was for their next project to build their own residential home on land they already owned. Their existing property would be sold and used as the repayment vehicle and retirement planning at the end of the term. 1.50% discount off our Standard Variable Rate for term (currently 5.49%) Pay Rate 3.99% with a 1% arrangement fee, 4.1% APR. My broker required 455k against a valuation of 3.0m over 15 years on an Interest Only basis. Aged 62 and 60, the borrowers were using the funds to purchase a holiday home. With a large asset portfolio, income was calculated from dividends, pensions, interest, and rental income. Investments held in a range of asset classes were already more than enough to repay the mortgage whenever the borrower wished. Sue Goddard 1.99% discount off our Standard Variable Rate (currently 5.49%) for term, Pay Rate 3.50% with a 4,500 arrangement fee and 2 year early repayment charge, 3.6% APR. 2
3 Large Loan Size Kevin Fearn My broker required 1.4m against a valuation of 2.1m for their own residential use on an interest only basis over 25 years. With multiple sources of income from various business interests, full accounts of these businesses were evidenced showing healthy profits, management accounts were also available showing up to date year on year analysis. The borrower requested a larger than normal overpayment facility (20%) that would be utilised for repayment when dividends from the businesses were paid. 1.99% discount off our Standard Variable Rate, currently 5.49%, Pay Rate 3.5% with a 1% arrangement fee, 3.6% APR. My broker required 1.22m against a valuation of 1.75m the borrower was in a senior position in a company based in Asia but still in a probationary period and required a family base in the UK. The borrower had held similar senior positions in other companies in the same field. With significant salary and bonus payments anticipated, both interest only and a larger than normal overpayment facility were agreed. Sue Goddard Products offered: 400k on a 2.79% fixed rate for 2 years with a 3.0% early repayment charge. 820k on a 1.99% discount off our Standard Variable Rate for term (currently 5.49%), Pay Rate 3.50% with no early repayment charges and 0.75% of the loan amount ( 9,150) arrangement fee for both products, combined APR 4.6%. 3
4 Ex-Pat Kevin Fearn My broker required 395k on a valuation of 465k for residential use over 12 years. Aged 51 and 48 the borrowers were looking to purchase a family home for themselves and their two children. The first borrower had recently retired from the Army and was a qualified Aircraft Instructor, now working on contract in Qatar earning a substantial tax free income alongside an Army pension. The second borrower would be living in the property with the children and working as a Primary School Teacher. Joint incomes were sufficient for the amount requested and the case was agreed. 1% discount off Standard Variable Rate (currently 5.49%) for term, current pay rate 4.49% with a 3% ERC for 3 years and 1% arrangement fee, 4.6% APR. Tina Farr Intermediary Mortgage Sales Manager My broker required 600k on a valuation of 865k the borrower was a non UK resident and was paid in US Dollars. Although the borrower would be spending more time abroad due to work commitments and tax purposes, he required a family base in the UK. Already having buy-to-let properties in the UK, income was calculated from salary, company profit share and rental income received. An additional request from the borrower was the ability to overpay due to large profit share payments anticipated. Products offered: 350k on a 0.5% discount for term off our Standard Variable Rate (currently 5.49%), Pay Rate 4.99% with no early repayment charges. 250k on a 2.99% discount for 3 years off our Standard Variable Rate (currently 5.49%), Pay Rate 2.50% with a 3% early repayment charge for 3 years and 0.75% of the loan amount ( 4,500) arrangement fee for both products, combined APR 5.2%. 4
5 Self-Employed Debbie Sharman My broker required 140k on a 200k valuation over 19 years on a repayment basis. The borrowers were looking to purchase a second home for elderly family to reside in. The borrowers aged 56 and 51 owned their own residential property and had no mortgage outstanding. The first borrower was a self-employed accountant and the second borrower was an employed project manager. The deposit was from their own personal savings and after accounts for the self-employed applicant were assessed and supported by SA302 s the case was agreed. 1.5% discount off Standard Variable Rate (currently 5.49%) for term, current pay rate 3.99% with a 1% arrangement fee, 4.1% APR. Jake Hider Team Manager My broker required 450k on a valuation of 1.1m on an interest only basis over 3 years. The borrowers were self employed property developers and had a history of successful projects which we evidenced. In this project the borrowers would be living in the property during renovations and also developing outbuildings that had planning permission. At the end of the term the main property would be sold as the repayment vehicle. With large cash reserves, we asked that the applicants deposit 3 year s interest only mortgage payments into an MHBS savings account (that would earn interest) which we held a charge over. Standard Variable Rate, currently 5.49%, with a 2% arrangement fee, 6.5% APR. 5
6 Residential Bridging Jake Hider Team Manager My broker required 200k short term finance against a valuation of 540k for residential use on an interest only basis over 3 years. The borrowers were downsizing and required the finance to allow for the purchase of their new home before a second property would be sold to clear the debt. The sale of their existing property left 390k equity, 150k short of the 540k purchase price of their new property. The second property was unencumbered and valued at 358k; due to its location abroad it could take up to 6 months to complete a sale. The borrowers were self-employed so accounts were evidenced showing sufficient income to service the debt. Standard Variable Rate currently 5.49%, with a 3% arrangement fee, 7.48% APR. Ash Raval My broker required 396k short term finance against valuations of 350k and 500k for residential use on an interest only basis over 3 years. The borrower was 79 years old and had recently been widowed. The finance was being used to purchase ( 350k) and refurbish ( 46k) a property whilst allowing the borrower to remain in their current home before moving to the newly refurbished home when works were complete. With modest pension income the borrower s daughter who had more than sufficient income to service the debt was acting as a guarantor. Face to face interviews were held with both the borrower and the daughter and we requested they both take independent legal advice before completing. Standard Variable Rate currently 5.49%, with 7,800 arrangement fee, 6.8% APR. 6
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