Our existing clients, both experienced landlords, sought to buy their first home together, A six-bedroom house with two acres of land and a local stream running through it. They aimed to release funds from their portfolios to fund the deposit and needed to navigate dual title and income challenges.
At a Glance
- Two existing MFB clients purchasing their first home together
- Six-bedroom detached property with two acres of land
- Navigating multiple titles and complex income structures 
The Case
Our long-standing clients came to us seeking support in securing their first home together, a six-bedroom detached property set on two acres of land, complete with a stream running through the garden. Both clients already owned their own homes and buy to let portfolios.
Although the property had been taken off the market, they successfully negotiated a purchase agreement on the condition that the sellers' exchange timelines could be met.
The Challenge
The first challenge was to help our clients get the cash they needed to cover a deposit and associated fees (including the Stamp Duty surcharge) of the purchase. Given the property's value, our clients knew they’d need at least a 15% deposit. Although both were experienced buy to let landlords, much of their capital was tied up in their existing properties.
To help, we introduced them to one of our expert buy to let consultants, who reviewed their portfolios and identified opportunities for capital raise. We carried out four remortgages on these properties, which covered the deposit and all other associated fees.
Secondly, the property was held under two separate titles, which is quite unusual and not accepted by most mortgage lenders. Utilising our connections with specialist lenders, we did find one willing to accept this on the basis that the land did not exceed 3 acres and would not be used for commercial purposes.
The final challenge was around our clients’ income. One of our clients didn’t receive traditional payslips with which to prove their income.
Thanks to our strong lender relationships and deep market knowledge, we spoke with the lenders’ large loans team to find a solution. Thanks to our understanding of complex income and clear communication with the lender, we secured an agreement that allowed our client to use a memorandum of income earnings letter from their employer as proof.
By providing our clients with tailored solutions, we helped them secure their dream home.
The Finance
Property value: £2,000,000
Loan amount: £1,700,000
LTV: 85%
Rate: 4.13% fixed for 5 years*
Term: 38 years, Capital repayment
Monthly mortgage payment: £7,400.75
Lender arrangement fee: £1,495
*Rate as at November 2024
Next steps
If you’re looking to purchase your dream home, get in touch with our team to see how we can help.
