This week's case study highlights how Alexander Hall helped a client looking for an interest only mortgage secure a market leading option thanks to our strong lender relationships.
Our clients' challenge
Our client required a £2,000,000 mortgage loan, arranged on an "interest only" basis, with the flexibility to make lump sum over payments as his mortgage repayment strategy.
This suited his bonus income structure and ultimate intention to sell the property and downsize in the future.
Although he had already spoken to another adviser, who had made a recommendation to him, he was keen to fully understand his options and see whether there were more competitive options available.
Alexander Hall's solution
Having discussed our client's situation in detail, we identified a better solution for him.
We were able to access a semi-exclusive interest only pilot scheme through one of our key lender relationships, which was not available to the other mortgage adviser firm.
Although the loan amount our client required exceeded the maximum normally permitted by the lender's standard policy, a detailed discussion with senior underwriters prior to submitting an application meant we were able to successfully obtain an agreement in principle for the loan required.
By using Alexander Hall, the client secured a 5 year fixed rate of 1.84%, rather than the 2.29% he was originally quoted.
This will save our client around £45,000 over five years!
