Fast £1.4m Mortgage For HNW Couple For Dream Home In Richmond

For high-net-worth borrowers purchasing sought-after London property, time is often of the essence.

Being able to secure finance quickly can make the difference between sealing the deal or missing out – especially when borrowing with a complex income or at a high loan to value (LTV).

The Scenario

Our clients, a husband and wife both in high-earning roles, had their hearts set on a £1.6m property in the affluent London suburb of Richmond.

They’d spoken to our broker a few weeks earlier to get a solid grasp of how much they could borrow based on their income and financial circumstances, which gave them confidence in the market.

Having had an offer accepted on a beautiful new home, they needed to get their funding in place as quickly as possible.

But borrowing at this level brings intricacies.

They were also looking for 85% loan to value (LTV) – which is high for a mortgage of this value. Most lenders start to curb their maximum LTV to 75% on mortgages over £1m, so he’d be looking at a reduced lending pool.

And finally, our clients needed a lender happy with their term running to beyond age 70. They wanted a maximum term for the mortgage to keep their monthly repayments as low as possible.

However, not all lenders accept this, as it takes you into retirement age where you’ll still be expected to maintain the same level of income – and often you’ll need to provide pension statements to support your application (again, slowing down the process).

The Solution

Thanks to our extensive HNW mortgage experience, we immediately identified two primary lenders.

The first offered the cheapest rate on the market; however, we knew our clients’ timeframes set the precedent, so explored another lender we knew would be quicker.

And although they quoted a 0.04% higher rate, our client chose the latter – our broker estimated a time-save of multiple weeks based on experience.

For our clients, the small premium (roughly £39 per month) was worthwhile to secure their dream home.

It’s important to note that this rapid turnaround was only possible because we had spoken to our clients prior to their offer, establishing their borrowing capacity. We also had their application ready to submit immediately upon offer acceptance.