The borrower

A company director, with business interests in Australia and New Zealand, was looking to purchase a home in Cornwall after relocating back to the UK 12 months previously.

The challenge

The client was looking to raise capital against an existing UK property and use a mortgage to fund the new home.

He had a complex income structure which included an AUD salary, and annual distributions from a family trust and an additional holding company. To determine affordability, Investec was required evaluate the underlying health of the business, including the impact of COVID, and understand the flow of funds from the trading entity to the client.

We also assessed the contribution of rental income from properties in Australia.

Across this balance sheet, there was a need to consider the effect of foreign currency exposure and multi-jurisdiction tax payments on total earnings.

The solution

Our ability to look at our client’s financial circumstances holistically enabled us to provide a mortgage in two parts, with a blended LTV of 64%. A capital raise of £400k was secured against the existing property, with a mortgage of £1.5m secured against the new home. The loan was provided on an interest-only rate for a five-year term.

The repayment strategy included the sale of the Australian property.

This facility enabled the client to move into a new home they loved, while retaining their existing property as a convenient base for visiting family members.


Get in touch

If you're a mortgage broker and want to discuss how we can help your clients with their mortgage, contact us.

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Important information

Your property may be repossessed if you do not keep up repayments on your mortgage. Investec residential mortgages are only available for residential properties in England or Wales and are primarily available to UK residents and subject to eligibility. An arrangement fee and other costs apply to take out a mortgage with Investec Bank plc. Early Repayment Charges may apply to a mortgage.