3 day Approval on a Million Pound 100 Percent Flexible Offset Mortgage

3 day approval on a million pound 100 percent flexible offset mortgage

Area
Hertfordshire
Capital Raised
£975K

When you have complex income sources and flexible cash reserves, your mortgage broker needs to find a solution that makes the most of your money.

The Scenario

This client emailed us on a Sunday, and we could talk to them on the phone the same day. They’re busy business owners: a husband and wife who run a successful company doing refits on commercial premises.

Business had been good, and they were looking for a larger family home. They had their eye on an 8-bedroom Grade II listed former Hertfordshire farmhouse costing £1.3M.

They had £300K ready as their deposit, but they had an additional £1M available in cash reserves which they regularly accessed to pay their clients. They were looking to borrow the remaining £1M on the purchase price, but they had some flexibility on the deposit size they could put down.

The Solution

This was a case of leveraging our clients’ liquidity to get their money working hard for them.

  • An offset mortgage would allow them to keep their cash reserves in a savings account linked to their mortgage and still have access to them for business purposes.
  • Many lenders only allow a 50% offset facility, but we found a 100% flexible offset mortgage product which would make their mortgage interest-free.
  • By increasing their equity by £25,000, the cost of their borrowing would be reduced by £4,000 a year.

An additional issue: in the preceding year, their company had done a major refit project in an overseas tax haven. It had formed a separate company to handle the project and remit the income back to the UK. Lenders like to see the record of tax paid on income.

The first lender we approached was concerned whether the UK company’s earnings were sustainable. So we quickly took their application to an alternative lender offering equally competitive terms, who would be satisfied by an accountant’s reference confirming that the previous year’s income had been UK-generated and the current year’s income-to-date was also generated in the UK.

Within three working days, we had the borrowing signed off and approved by the lenders’ senior underwriter.

Simon Mullins

Finance Broker CeMAP

Cardiff

0117 959 5094

Are you looking for a similar type of property finance?

As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you.

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Paige Dumpleton

Finance Broker CeMAP

Cardiff

0117 959 5094

Are you looking for a similar type of property finance?

As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you.

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Jonathan Moffatt

Head of Business Finance

Cardiff

0203 880 8890

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I have extensive experience securing finance for a wide range of businesses. Book a free telephone consultation with me at a time to suit you. 

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Alex Morris

Private Client Adviser

Bristol

0117 332 5061

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I have extensive experience securing UK mortgages for clients. Book a free telephone consultation with me at a time to suit you.

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Scott Dutfield

Finance Broker

Cardiff

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As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you

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Carly Cheeseman

Head of International

Bristol

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I have extensive experience securing UK mortgages for clients. Book a free telephone consultation with me at a time to suit you.

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Nick Kerley

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Cardiff

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Louis Levine

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Sam Baker

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Fergus Allen

Senior Finance Broker

Cardiff

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Jacob Phipps

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Bristol

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Jack Spillane

Finance Broker

Bristol

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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. customDatabaseField-8455

Mathew Phillips

Senior Finance Broker

Bristol

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Alex Chambers

Senior Private Client Adviser

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Luther Yeates

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Sam ONeill

Senior Finance Broker

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