Large remortgage secured with complex, foreign currency income
£1.7 million remortgage on £2.9 million property with interest rate of 1.36%
Global law firm Partner delighted with remortgage service
The client was a Partner in a global law firm, and his income was in the form of receipts from drawings and distributions rather than a normal base salary.
What was needed?
The client was searching for a remortgage of £1.7 million on his £2.9 million property which offered a lower cost than his existing arrangement. He wished to move away from his current Private Bank lender where mortgage interest rates tend be higher than with high street lenders.
What was the challenge?
Not only was the client’s income paid in a complex form, but a further intricacy was also that he was paid in a foreign currency, dollars. Most high street banks won’t consider a foreign currency income and are often unfamiliar with the drawings/distribution income structure.
How we provided the solution
Jerome Fick Executive Director, understood the challenges around achieving his client’s mortgage goals and using his knowhow researched the mortgage market to identify a lender who was willing to accept the complex drawings / distribution income paid in a foreign currency.
The client was extremely pleased when the mortgage offer was confirmed.
What was the rate?
The interest rate was 1.36% 5 year fixed.