assisting-uk-family-header-happy-family-at-sunset

Our clients’ wishes

Mr JY and his father Mr KY are UK nationals residing in Hong Kong. Mr KY manages a family-owned business in Hong Kong, which provides fiduciary services to clients across the APAC region.

After connecting with Nedbank Private Wealth’s private banking team in the Middle East, the father and son were introduced to our lending team in London as they were looking to refinance their buy-to-let mortgage facility, having recently been offered a much higher rate by another private bank.

Mr JK and Mr KY were looking to refinance their existing facility for £720,000 against their prized London investment property, valued at £1,250,000.

The texture of a green gel
Our clients’ situation

While both father and son enjoyed good earnings, Mr KY’s business accounts had experienced some fluctuations in recent years due to the pandemic. However, in 2023, the business performance had rapidly recovered. After discussions with the clients’ accountant, we gained confidence in the business’s forecasts, which projected even stronger financials moving forward. This would also provide Mr KY with the flexibility to draw additional dividend income if required.

Mr JK and Mr KY were looking to refinance their existing facility for £720,000 against their prized London investment property, valued at £1,250,000.

How we helped our clients

Following positive conversations with the clients and their accountant, we conducted a thorough affordability assessment. We were able to offer the clients a variable rate mortgage structure with a preferential rate for the first 2 years for an overall term of 7 years as it was likely that both clients would look to reduce the facility exposure over the next few years.

To mitigate the initial shortfall in income due to KY’s business performance and to provide further comfort for the bank, a charged cash deposit was also taken and would be periodically reviewed throughout the term of the mortgage.

The clients were delighted with the flexibility that we were able to provide, and we were pleased to assist the family find a solution that worked for them.

Related news

You may also be interested in the following Insights

Contact

Get in touch with a member of our team to find out how Nedbank Private Wealth can help you achieve your financial goals and objectives.

Email our credit specialists directly at [email protected] or call +44 (0)1624 645000 to speak to our client services team.

Any examples of investments and structures used are for illustrative purposes only. This case study does not constitute an invitation or inducement to buy any financial investment or service. None of the content constitutes advice or a personal recommendation. Individuals should seek professional advice, based on their jurisdiction and personal circumstances, before making any financial decision.

Image showing a father and son on a bike
Related case studies

Read about more clients we have helped

We have helped countless clients with their financial needs – some straightforward, some complex. Our bespoke approach, where we really get to know our high net worth clients, allows us to offer solutions that other wealth planners and private banks aren’t able to.

View all