Key Details:
- Property Value: Circa £2m
- Location: Near London
Client Overview:
Our clients, UK nationals involved in property development, sought to remortgage their primary residence, valued at approximately £2 million. The objective was to release equity to fund home improvements and consolidate unsecured debts.
Challenges Faced: Navigating Fluctuating Income in Property Development
The clients’ property development businesses generate fluctuating income, with significant year-to-year variations. The latest year’s profits were notably higher than in previous years, which posed a challenge when seeking lenders who would consider these income fluctuations for affordability assessments.
The Solution: Tailored Lending Solutions for Complex Income Profiles
Enness worked closely with lenders to find a solution tailored to the client's specific needs. We presented the most recent year's profits as a basis for affordability, demonstrating the business's strong growth and the likelihood of continued higher earnings.
Thanks to our strong relationships with lenders experienced in property development, we successfully secured a remortgage solution that addressed the clients’ fluctuating income and allowed them to access the necessary equity for their financial goals.
Outcome: Achieving Financial Goals with a Bespoke Remortgage Plan
Through this tailored solution, the clients were able to release the equity needed for home improvements and debt consolidation, improving their financial position and cash flow. Enness’s expertise in the property development sector enabled us to identify a lender who understood the complexities of their income structure and provided a viable remortgage option.
Information contained in our case studies is for market and illustrative purposes only. In some cases, these may be made up of multiple cases and are for illustrative purposes only.
Some case studies are made up of enquiries that have come into the business, not all business completes, and the posting of a case study does not represent a completed piece of business.
