£1.5m Complex Mortgage Purchase And Refinance Using An Accountant Reference

£1.5m Complex Mortgage Purchase And Refinance Using An Accountant Reference

Area
Hampshire
Capital Raised
£1.5m

The Scenario:

Our clients joint owned a business that was improving year on year.

They took modest salaries but had high net profits retained in the company. Our clients had a substantial increase over 2020 so we needed to find a mortgage lender who was happy to look at last year rather than an average so that they could meet affordability for their new £1.4 million home.

Another challenge we faced was that the couple planned to keep hold of their existing residential property and transfer this to a buy to let in a limited company.

Finding a lender that was happy with a consumer buy to let, especially owned by a LTD company was going to be tricky. 

The Solution:

We found a mortgage lender who was happy to base affordability on the most recent years profits, allowing our clients to borrow 75% which was just over £1 million at a very competitive rate.

The bank was able to use an accountant’s reference, which made the assessment a much quicker process.

The difference in borrowing between using a lender who will take an average and a lender which will consider the latest year of profits was over £500,000.

We also arranged the mortgage for the consumer buy to let at 75% LTV.

The bank was comfortable to consider the former residential property and had no issues with the overall transaction. To ensure we were able to meet a tight deadline they were also able to accept indemnity policies in place of searches, which saved around three weeks in the conveyancing.

We are often approached by clients who haven’t drawn a high salary and dividend while their business grows or they do not require a high level of income to meet their lifestyle.

Using net profits is a great way to help clients purchase their dream house.

Jacob Phipps

Finance Broker

Bristol

(+44) 0117 959 5094

Are you looking for a similar type of property finance? I specialize in helping international clients source residential and investment property finance for UK property. Please get in touch and we can arrange a time that's convenient for you to discuss your situation.

Jack Spillane

Finance Broker

Bristol

0117 959 5094

Is your situation similar to this? I specialise in helping clients who need creative development finance solutions, and second-charge mortgages. Give me a call any time and we can set up a detailed discussion of the finance you need.

Mathew Phillips

Finance Broker

Bristol

0117 959 5094

Are you in a similar situation? I specialise in bridging finance at Clifton Private Finance - I will find you the best funding solution for your property transaction.

Alex Chambers

Senior Finance Broker

Bristol

0117 403 4324

Are you in a similar situation? I am a specialist in residential and investment property finance for UK and international clients at Clifton Private Finance. Please don't hesitate to get in touch for a no-cost discussion of the finance you need.

Luther Yeates

Senior Finance Broker

Bristol

0117 244 5561

Are you looking for a similar type of property finance? I have extensive experience finding residential and investment property finance for UK and international clients. Please get in touch and we can arrange a time that's convenient for you to discuss your situation.

Sam ONeill

Senior Finance Broker

Bristol

0117 959 5094

Is your situation similar? I am a bridging finance specialist at Clifton. I can find a quick, cost-effective solution for the funding you're looking for.

Robert Gibb

Senior Finance Broker

Bristol

0117 959 5094

Are you looking for mortgage or short-term finance for residential or buy-to-let property (including HMOs)? I have extensive experience in finding property finance solutions for UK and international clients, both as individuals and limited companies. Please give me a call and let me see what I can do for you.

Adam Arnott

Associate Director

Bristol

0117 205 0214

Is your situation similar to this? I have extensive experience of advising clients who need creative property finance solutions. Please get in touch and we can arrange a time that suits you for a detailed discussion of your requirements.

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