Barrister client looking to purchase additional holiday home
The situation?
My client is a barrister that was looking to purchase a £1.7 million second residence in the stunning Cornish coastline. They had a 25% deposit, which they hoped was sufficient, but due to the nature of their income they wanted as much of the mortgage as possible to be on an interest only basis to keep the initial monthly payments as low as possible.
The client’s own bank told them they could help, but the mortgage would have to be on a capital repayment basis. Also, as they keep significant funds saved up throughout the year for their annual tax bill, they really wanted an offset mortgage. As we set this up on their main residence mortgage previously, the client loves the flexibility and functionality of the offset facility.
The solution?
We work with a lot of professional clients, therefore have access to underwriters at certain lenders that can specialise in these types of clients who work within these professional services.
This meant we could find a lender that was comfortable with the affordability of the application, despite the clients existing residential mortgage, and also that could offer the interest only and offset requirements.
Not only did we find a solution that ticked the boxes of all of the client’s requirements, but the product sourced was also the market leading offset rate at the time of application. The clients were delighted with the outcome, and have now completed and are loving spending their weekends by the sea!