Personal Remortgages When Income is From Various Sources

The clients who are husband and wife are looking to remortgage their home to obtain another competitive rate and avoid switching on to the lenders high standard variable rate. Husband has his own company and also owns a property portfolio so has income from various sources. Wife is a homemaker.

His property is located in London and is a 4 bedroom Victorian property that has been valued at £3,200,000 which the couple bought in 2017 for £2,600,000 with a three year fixed rate mortgage costing them £4,781 pcm.

The finance for the clients’ existing mortgage is about to revert to the lender’s Standard Variable Rate which means their monthly payments will increase to £5929.65. They had already asked their mortgage provider if they could get a product transfer, but the terms offered were not particularly attractive, so they asked for our help to find them a better deal.

In particular, they wanted:

  • A 2 year tracker rate to take advantage of low rates and with an offset facility as the clients have savings available to offset against the mortgage.
  • A lender that turns around applications quickly.
  • The ability to add the lender arrangement fee to the loan.
  • Lender that will take clients various income sources and existing property portfolio.

AWS Mortgages monitored application processing times, so this immediately whittled down the number of lenders which might offer a solution. We then checked which ones allow the various income sources and property portfolio in the background with an offset facility and the ability to add fees to the loan.

After a few calculations AWS Mortgages and Financial Services identified a competitive rate which will allow the couple the amount required to borrow and would mean that their monthly payments will be £329 less each month and saved them simply reverting onto their existing lenders SVR!

As an added bonus, this new lender is offering a free valuation and free legal fees.

These features and benefits really appealed to AWS Mortgages and Financial Services clients so the company obtained an Agreement in Principle that very day to ensure that it was on the right track.

The application process is simple and precise. To support the mortgage application, the clients supplied AWS Mortgages and Financial Services with proof of identity, address and income. Just one week later, the company was delighted to inform its clients that the lender had issued them with a formal offer for the full amount.

The deal has been timetabled to coincide with the end of the three-year fixed rate tie-in period on their existing mortgage which means they won’t have to pay any Early Repayment Charges.

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