£1.5m borrowing achieved despite self-employed, complex income

1.88% interest rate 5 year fixed

Interest Only Offset Mortgage

Our client

Our high earning, self-employed clients were looking to borrow £1.5 million, of which £1million was for their property refurbishment.

What was needed?

Lenders are wary of multiple income stream, self-employed borrowers, so a lender needed to be found who was willing to consider complex income sources when agreeing such high value borrowing.

What was the challenge?

Both clients were self-employed with multiple income streams from financial services companies and non-Executive board roles. An added issue was the £1m refurbishment plan on the property, plus the clients wanted to agree a specialised Interest Only Offset mortgage (linked to a savings account used to reduce interest charges on the mortgage).

How we provided the solution

Mike Brooker, Associate Director, discussed their mortgage goals and specific mortgage needs with his clients.

He researched the market and spoke to his contacts to discover which lenders would be willing to consider a £1.5 million mortgage for self-employed borrowers with multiple income streams, including a £1m refurbishment plan and needing a specialised Interest Only Offset mortgage.

After careful searching, and discussions with lenders, Mike was able to place the mortgage lending on a 5-year fixed rate at 1.88%.

The clients were extremely pleased with the outcome as they can now move forward with their property refurbishment and were grateful for Mike’s contacts and abilities.

What was the rate?

The rate was 1.88% fixed for 5 years