A broker introduced us to an MD working in investment banking with a complex income structure consisting of a cash salary, annual allowance and annual bonus and deferred stock. His salary was paid in US Dollars and Pound Sterling.
The client wanted to purchase a London home which he had been renting, in a private sale agreed with his landlord. The purchase price was £4m+ and a high initial LTV of 85% was required. The client’s salary represented only part of his total income and he needed a lender that could consider all aspects of his compensation when establishing affordability.
Investec has a team dedicated to working with investment banking professionals and we were able to look at the client’s income holistically. We provided the client with an 85% LTV mortgage in two parts, which included interest-only options, capital reductions in the first three years and an ongoing amortising element. This enabled the client to secure their new home while taking into account their lumpy income structure.
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