Enness Global arranges £4.8m mortgage for London family home
This deal meant the family could buy the home without having to take out more money from the family business.
Enness Global arranged a £4.8m mortgage at 80% loan-to-value (LTV) for a UK-based family buying a London home worth around £6m.Â
The family wanted to borrow more so they could keep more of their cash rather than putting in a bigger deposit.
A standard mortgage structure did not fit the family’s needs, as their income alone was not enough to support the level of borrowing most lenders needed.
A family member with business income joined as a joint borrower to support the application, while the clients remained the only legal owners of the property.
This meant the lender had to be comfortable with the split between who was borrowing and who owned the home.
Assessing affordability took in more than just the business owner’s personal drawings from their UK limited company.
The wider financial resources and historic access to profits were factored in as part of the overall picture.
Enness Global found a private bank willing to look at the case on its own merits.
The lender reviewed the family’s full circumstances, including business income, financial resources, current commitments and the proposed mortgage and property costs.
The lender was happy with the joint borrower structure and approved the application, letting the clients keep sole ownership of the property.
There were no early repayment charges (ERCs), giving the clients flexibility if their plans changed.
This deal meant the family could buy the home without having to take out more money from the family business.
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