This week's case study highlights how Alexander Hall helped a client obtain a mortgage on bespoke terms.
Our clients' challenge
Our client has exchanged on their property and is due to complete on 1st July. Having tried multiple mortgage advisers and lenders directly, they found themselves without any suitable options. Fortunately they were referred to Alexander Hall by an existing client and we were able to assist. The purchase price is £2.6m and the client has a 20% deposit available. They run their own business and were hoping that the company’s operating profit could be used for the affordability assessment. The primary challenge was that the significant majority of lenders need a greater deposit at this level of lending and would also insist on a full capital repayment mortgage. Our client’s preference was to deposit as little as they could and borrow as much as possible on interest only, as this both suited their slightly erratic income and preferred repayment strategy.
Alexander Hall's solution
One of the key benefits to our clients in working with Alexander Hall, is the strength of our lender relationships and our access to a number of exclusive mortgage products. In this case, we were able to secure bespoke terms that catered for each of our client’s requirements. The loan secured was for 80% of the £2.6m purchase price, with 55% lending on interest only and the remainder on repayment. Owing to the very competitive interest rate, the monthly payment was comfortably within the client’s budget. Having committed to an exchange and with time short, our client was of course ecstatic with the outcome.
