- Client: UK Nationals & UK Resident
- Property Value: c. £1.5m
- Loan Amount: c. £1m
In this case, Enness was approached by a recently retired client who was looking to retire to a sunnier climate. They had already paid a deposit and exchanged on the property.
Given the client’s minimal income, we had to find a lender who could assess the client’s asset position rather than work off a simple affordability assessment.
The challenge for this case was that we were working against a tight deadline, and as the client had already exchanged, there was little room for error.
The client needed to work with a broker and lender who could understand the client’s profile and be happy to have the funds used for an overseas purchase.
Moving quickly, Enness successfully negotiated a bridging facility against the client’s main UK residence which cleared the existing first charge mortgage and raised extra capital that the client could use for the onward purchase. We were able to arrange a market-leading rate, which allowed the client to draw the maximum amount from the property.
As the client had recently retired and had yet to draw from their pension, we were able to arrange for the interest to be rolled up within the loan facility. As the property was already on the market to be sold, this satisfied the lender, and we were able to proceed quickly.
Enness has access to over 500 Lenders and can present the best possible terms to our clients. We have regularly assisted clients looking to leverage their main residences to proceed with their life plans without having to wait for a sale. Using our range of professional contacts, we were able to introduce the client to the right firms to assist with the transfer of the funds and the move itself.
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