Having their cake....& eating it

The case:

With a growing young family the clients wanted to move for additional space whilst staying in the same area of London. Having found the right property for their needs they were keen to secure it before the opportunity was lost, selling their existing home separately once the purchase was complete.

The properties:

The current home was valued at £2.3m, with the purchase price of the new larger property agreed at just under £3m. 

The financial detail:

Whilst both applicants worked as city barristers, one partner was just returning to work after an extended period of maternity leave. Both earned significant six figure salaries as salaried members of LLPs.

The solution:

Despite an extended period of maternity leave, it was clear the applicant had a history of earning at a high-income level and the combined incomes plus bonus met affordability requirements.

We agreed on a short term interest only ERC free mortgage to release capital and raise equity against their home, with funds being used to provide a deposit against the new property. Once the former home was sold the clients planned to redeem the mortgage in full.


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