Our clients’ wishes
Mr and Mrs S had recently purchased a large property in Jersey requiring significant renovation which was expected to cost in the region of £3 million. The couple spent £2 million of their own money on the renovation and were looking to raise the final £1 million by borrowing against some of their existing buy-to-let properties, to enable them to finish the development works on their new Jersey home.
Our clients’ situation
Mr and Mrs S have significant assets which include properties in both Jersey and the UK, as well as equity and loan notes in the business Mr S works for.
The couple own and rented out a portfolio of properties to business acquaintances at below market rental value in Jersey. Due to their existing high street bank’s rigid model concerning their rental income, their bank was not able to loan Mr and Mrs S the funds they required to complete their home refurbishments as they were not prepared to consider the client’s other income streams.
The couple own and rented out a portfolio of properties to business acquaintances at below market rental value in Jersey.
How we helped
Mr and Mrs S approached us for guidance and following a thorough assessment of the clients’ various sources of income, Nedbank Private Wealth’s credit specialists were able to determine that the couple’s various income streams would be easily sufficient to service a higher level of debt than they had been offered by their existing lender.
We recommended a £1 million (75% loan-to-value) interest-only mortgage to refinance the high street bank loan and to release the additional equity required to enable the clients to complete their refurbishment on their new family home.
Our client’s renovations are now underway, and they are looking forward to moving into their new home in due course.
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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.
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