A bit of background:
After several years of living the city lifestyle, our client wanted to buy his dream second family home in the idyllic historical coastal county of Cornwall in the Southwest of England. His main concern was that he wanted to keep his current property and didn’t have access to enough personal funds to put down a deposit on the new second home. With dreams of a Cornish retreat alongside his already well-established home, our client turned to Oportfolio for a helping hand to turn his dreams in to reality.
What did we do to help with the second home mortgage?
Mortgage and Protection advisor at Oportfolio Oliver Whitehead had an in-depth discussion with our client to firstly talk through what he wanted to achieve and what was most important to him in order to get the best overall picture of things to tailor his advice. Oliver discovered that the best route forward would be for our client to do a further advance remortgage on his current main residence.
“Competitive second home new purchase mortgage”
Doing this released equity from his property which, combined with money he already had in savings, built up a 15% deposit which he put down on the new home in Cornwall. Oliver’s research and advice enabled us to secure our client with a competitive new purchase mortgage at 85% loan to value and progressing on a capital & interest repayment basis.
Our client and his family now have the perfect home away from home for them to create new memories and take some much needed and well-earned respite. To Oportfolio, finding a solution for this client was a really satisfying outcome as we understood very clearly what he wanted to achieve and why. Placing this case required expert knowledge and understanding of the mortgage market and which lender will do what in relation to the monthly commitment of his current Family Home and having a Broker manage this process was a wise and very important step that the client decided to take.
Now that our client has his dream second home, the next step we helped him with was his Family protection needs as he does now have additional exposure with a new mortgage debt. Oliver took his time to careful assess and reviewed the client’s existing life cover and extended the term putting a new decreasing term life cover amount for the new mortgage in place. We have changed the client’s current critical illness cover to an enhanced contract with kids cover, which is one of the very best Contracts in the market.
“second home cost-effective plan”
At the same time, we have also increased his wife’s critical illness cover to a more meaningful amount. Our client understood that if he was ill, he would need a lump sum of capital which will mean he can take an extended period off work to recover. By reviewing all his current policies and plans, we have managed to restructure what he has to a more beneficial and cost-effective plan which will cover him for anything that might happen in the future.
Oportfolio’s wealth of mortgage knowledge really helped our client’s dreams come true. If you or someone you know is in a similar predicament to our client, please give our friendly team a call to see how we can help you too!