A broker recently approached us to support a high-net-worth client who had returned to the UK from abroad. The client had a strong professional track record in banking but had recently joined a new organisation.
The request was for a 90% LTV mortgage, which may be possible for high-net-worth clients in the right circumstances. The challenge was that a large proportion of the client’s wealth was tied up in his pension and alternative investments such as cars and art. Furthermore, future annual bonus payments could not be evidenced given the client had only recently taken up a new position.
Investec was able to offer a 90% LTV loan on a three-bedroom home in London by considering the client’s wealth holistically, including their guaranteed vesting shares awarded as part of their initial contract, in the affordability assessment. To further mitigate the high LTV, the mortgage was structured over 15 years in two parts, with annual capital reductions in the first two years to reduce the LTV to 79%. The capital reduction payments were timed to coincide with the vesting of shares.
We have a long track record of working with top financial services clients, if you have an enquiry of this nature, don’t hesitate to get in touch with our team.
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