Overview

• Clients: London-based couple
• Property Value: £2,500,000
• Loan Amount: £1,250,000
• Loan-to-Value: 50%

The Situation

Our clients were managing significant financial commitments, including school fees for four children, while approaching the end of their existing mortgage term.

They were keen to remortgage the full balance onto an interest-only basis to reduce monthly outgoings. However, they had previously been advised that this wouldn’t be achievable.

The Challenge

During this time, lenders were rapidly withdrawing products and increasing rates due to global geopolitical uncertainty.

This created a fast-moving and unpredictable market, leaving a very limited window to secure a competitive deal.

Our Approach

We closely monitored lender activity and acted quickly when an opportunity arose.

At 1pm on a Wednesday, we became aware that a lender would be withdrawing a highly competitive rate later that evening. We immediately contacted our clients and worked efficiently to gather all required information and documentation within the tight timeframe.

Although affordability initially appeared tight, we leveraged our relationship with the lender to ensure bonus income was taken into account, allowing us to meet the required criteria.

The Outcome

By acting decisively and securing the rate before withdrawal, we successfully arranged the interest-only remortgage our clients had been told wasn’t possible.

Compared to the rates available the following day, this resulted in a saving of approximately £7,000 in interest.

Need support with your remortgage? Get in touch to discuss your options.