Together assists ex-footballer with £1.52m remortgage for bridge exit
The transaction was completed through Together’s Premier for Intermediaries service, designed to provide bespoke underwriting and case management for personal and commercial cases over £1m.
Together has completed a £1.52m remortgage for a former professional footballer and his wife to repay a bridging loan used to buy their large family home.
The transaction was completed through Together’s Premier for Intermediaries service, designed to provide bespoke underwriting and case management for personal and commercial cases over £1m.
The couple initially bought the £1m property with a bridging loan from another lender before carrying out a full reconfiguration and refurbishment programme, significantly increasing the value of their home.
This allowed Together to provide an interest-only mortgage at 50% loan-to-value (LTV) over a 27-year term to repay the bridge.
To add to the complexity of the deal, the client had a minor and historic blip on their credit record, due to resolved disputes on unsecured loans and hire agreements.
Additionally, their income came from multiple sources of freelance, self-employed income.
Together’s underwriting team were able to assess the client’s full financial situation instead of rejecting them based solely on criteria.
The couple plan to downsize in the future, using the value added during the renovation to repay the mortgage before the end of the term.
Dan Narwal, intermediary corporate account director at Together, said: “Finance is not always simple, especially for high net worth and self-employed individuals like our client.
“In this case, the couple had done a fantastic job renovating their home and needed help transitioning from a short-term bridging solution to a more long-term mortgage.
“Unfortunately, many lenders still struggle to understand complex income, especially when it comes from multiple sources and at irregular intervals. Additionally, their criteria can be too quick to dismiss clients based solely on minor credit issues.
“At Together, our team are problem solvers. Where some lenders see a reason for rejection, we look for a solution that can work for all parties – lender, broker and especially the client.”
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