Darlington Building Society completes £530,000 interest-only remortgage
The pound-for-pound remortgage was secured against a property valued at £1m, representing 53% loan-to-value (LTV).
Darlington Building Society has completed a £530,000 interest-only remortgage for three applicants, supporting a complex case that several mainstream lenders were unable to accommodate.
The pound-for-pound remortgage was secured against a property valued at £1m, representing 53% loan-to-value (LTV), with the sale of the property accepted as the proposed repayment vehicle.
The case, introduced by Surajan Karki, mortgage and protection adviser at S&P Financial, involved a number of underwriting considerations across all three applicants.
The first applicant was employed in a management role and had been with their current employer for one year.
The second applicant worked as a nurse, with affordability requiring careful assessment of a range of allowances and deductions included within their income.
The third applicant was employed as a chief pharmacy officer in the United Arab Emirates and paid in UAE dirhams, requiring careful assessment of foreign currency income without applying UK tax assumptions.
They also owned a self-funding buy-to-let (BTL) property.
Darlington Building Society assessed the application on its overall merits, taking a practical approach to the interest-only repayment strategy, the assessment of overseas income, complex affordability and the applicants’ wider financial circumstances.
Chris Blewitt (pictured), head of mortgage distribution at Darlington Building Society, said: “This application had several moving parts and required a lender that could fully understand both the loan circumstances and the individual applicants.
“The broker needed support across multiple areas: the interest-only element, which we were comfortable with; the additional nursing income required for affordability; income paid in UAE dirhams without applying UK tax assumptions; and a background buy-to-let mortgage, where a common-sense view was needed because the property was self-funding.
“Overall, this was a case we were able to support because of our understanding of these circumstances, built on years of experience and expertise in helping borrowers with complex needs.”
Karki added: “Darlington Building Society was outstanding in supporting our complex mortgage case when several mainstream lenders were unable to assist.
“From the initial enquiry through to the BDM and TBDM teams, everyone was professional, responsive and a pleasure to deal with.
“Special thanks to James Travers, Digital Business Development Manager, Sophie Meredith-Smith, Senior Underwriter Lead, and Chris Blewitt, whose dedication and expertise helped us get the case over the line and complete the remortgage within a very short timeframe.
“I would highly recommend Darlington Building Society to anyone with a complex or non-standard case. Their willingness to look beyond the ordinary and provide practical solutions truly sets them apart.”
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