Case study: dream home found, but existing property not yet sold

The client

A high net worth couple who’d found their dream home in southwest London and needed to secure it as soon as possible.

The challenge

Our client’s existing residence was on the market but hadn’t yet sold. They needed a mortgage solution that enabled them to purchase their dream home without waiting for a completed sale on their current property. 

The solution

Many people selling their home will be in this position and it’s one where we will seek to help clients with a flexible loan that allows them not only to purchase their dream home but also gives them time to sell their current home with a little less urgency/stress. 

In this case, we understood their goals by providing lending against both properties. They were able to unlock the deposit from their existing residence to put into their new residence and secure the purchase – on standard mortgage rates – before the sale of their current home. 
 
Our mortgage intermediary team is focused on relationship-driven lending, always taking the clients’ financial strength and individual circumstances into account. In this case, we were happy to provide the mortgage against their existing main residence on an interest-only basis with no early repayment charges, giving the client time to sell the property at a fair market value. All we required was that they sell the existing residence within 18 months. 
 
We also provided a mortgage over 24-years against their new property. Because we were securing both properties, we structured the loans against each to provide the lowest agreeable LTV against the new property and therefore give the client access to our most competitive rates.