A couple will be able to buy a dream foreign holiday home after securing a £379,000 second charge loan from specialist lender Together.
The clients of broker Happy Brokers were seeking the loan secured against their £1.75m home, a detached cottage in Essex, to snap up the property abroad where they eventually want to spend their retirement.
However, they were struggling to secure the finance they wanted because of their ages – both are in their 60s – and the fact they were looking for an interest only loan.
In addition, both are self-employed company directors working in the hospitality industry, and their income had dropped when the Covid pandemic forced the temporary closures of London entertainment venues they own and run.
Paul Lefevre, director of Happy Brokers approached Together, knowing the lender’s ability to provide fast and flexible finance.
He said: “Together were fantastic. My clients had their heart set on a foreign holiday property and had found the perfect place.
“But because of their ages and their self-employed income, they faced a number of hurdles to securing the finance they were looking for but the lender showed a great deal of flexibility to realise their dream.”
Together was able to use an accountants certificate of proof of his clients’ self-employed incomes and a calculation of their joint future earnings, taking into account the fact their entertainment venues had re-opened after lockdown and revenue had hit pre-Covid levels.
The clients also own three London riverside buy-to-let properties, which generate a substantial combined rent, which was also taken into account when assessing affordability. The clients plan to pay off the second charge loan at the end of its three year term using proceeds from the sale of their current UK property.
Gary Lomax (pictured), regional account manager at Together, added: “Our team worked flat out in partnership with the broker to make sure that his clients had the money in their account, allowing them to buy their foreign holiday home.
“It’s often tricky for older borrowers and self-employed workers to access finance through mainstream channels and we’re delighted that we could use our flexibility to meet their needs in such a short timescale.”
