These cases will give you some idea of The LMB’s diverse, imaginative and unexpected ways we meet our clients’ financial needs.
Less than a month to fix a large loan and a bridge
When a client wanted to buy a new family home for £3,400,000, he needed £3,300,000 to complete the purchase; he didn’t want to sell his current home for two reasons. Firstly, it would take some time so he may lose his purchase, and secondly, he was undecided about the market, and whether it was the best time to sell so wanted the flexibility to rent out this property for the short term while he assessed all of his options.
Our solution was to release some equity on his current home on a bridging loan with no redemption penalties at an extremely low rate to generate a large enough deposit for the new family home, and as this arrangement had no redemption penalties it gave him the flexibility to consider a cheaper buy to let interest rate in the near future if his plan was to rent the property out longer term or to just sell. If we had borrowed on a buy to let arrangement in the first instance there would have been penalties which would have tied him into the mortgage so restricting the flexibility unlike the bridging loan. We arranged the finance on the new purchase along with the bridging loan and he was able to complete extremely quickly.
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The London Mortgage Brokers Limited is a registered company in England & Wales under company number 8764766. The London Mortgage Brokers Limited is an Appointed Representative of Home Counties Mortgage Protection and Finance Ltd which is authorised and regulated by the Financial Conduct Authority.
There may be occasions where we may charge a fee which will depend on your circumstances. In these situations we will inform you at an early stage, the fee typically being no more that 1% of the total loan amount.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED UPON IT.
At The LMB, we specialise in providing absolutely impartial mortgage advice and a bespoke service to domestic and commercial clients who wish to borrow upwards of £500k.
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