What was needed?
Our client was looking for 80% LTV on a second home purchase that she could use when she was here. Her company had existed for nearly 5 years so there was the all important 3 years company accounts that are required.
What was the challenge?
The company turnover and profits was increasinging niceley over the last 3 year period, but due to the clients personal situation she was limiting her salaried income and paying herself a important dividend each year and leaving a consequent amount of money in the company. So we were able to prove that the client was capable of paying herself considerably more if required, and we were able to justify a decent average dividend income over the the last 3 years. So this satisfied the banks lending criteria and debt ratio based on her other assets and level of monthly income left over after her monthly outgoings.
The HB Mortgages Solution
We obtained a 80% loan to value over a 20 year duration with a fixed interest rate of 2.15% for the whole duration of the loan on a capital repayment mortgage. So the client just had to cover the 20% deposit and and the notary fees.
If you are in a similar situation and would like to discuss the options available to you, please do not hesitate to get in touch, we would be happy to see how we could help.
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