Gus and Selena were referred to us by James Penny of Penny & Sinclair Estate Agents in Oxford who has regularly referred clients to us over several years. During our initial conversation with the couple, it was clear they had fallen head over heels for a period property called ‘The Gothic House’ and wanted to get the best mortgage possible. However, there were several prospective buyers interested so Gus and Selena were very concerned that they could not raise the finance to compete with other offers and that the house was out of their price range.
Our Assessment
Our team undertook a comprehensive review of the couple’s existing property and mortgage and their wider financial assets. This took into consideration factors such as the value of their existing home, the equity in that property and their income and business interests.
From this assessment, we quickly came up with a practical and affordable solution to not only enable them to purchase ‘The Gothic House’ but also to keep and let their existing house as an investment.
Our Best Mortgage Solution
The solution we developed for Gus and Selena had three great advantages:
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We secured a buy to let mortgage on their existing home. This meant the house could be kept as an investment for the future and the rental income would cover the mortgage payments on the property.
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By making this arrangement, we removed the need for Gus and Selena to sell their property which meant they avoided a property chain and could present themselves to the vendors of ‘The Gothic House’ as cash buyers. This enabled them to leapfrog their competition for the house, even those who had put in higher offers, because they did not need to sell a property to complete the purchase. It also meant the couple were able to secure the property for a lower price than expected.
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By using our expertise to review their business income and assess the equity in their existing property, we were able to help Gus and Selena to borrow more than they expected for their new mortgage deal – making ‘The Gothic House’ a more affordable prospect and completely within their reach.
Our team were delighted to be able to exceed Gus and Selena’s expectations and help them secure the home of their dreams.
This is not an unusual example of the way in which we assist our clients to fulfil their property dreams whilst putting in place realistic and affordable solutions to help them get on or move up the property ladder, develop their property portfolio or plan for the future. It is our extensive market knowledge together with years of experience in the property field which allows us to bring a realistic yet strategic approach to mortgage advice and secure the best opportunities and solutions for each of our clients.
If you, or someone you know, is looking to move house or struggling to be able to secure a property they love, please do get in touch and we will be only too happy to provide a review of your or their current situation and guidance on how we can best help.
