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Our clients’ wishes

Mr H, a senior partner at a law firm in Singapore in his mid-fifties, had his sights set on a prestigious property development in Queensway, London.

Our clients’ situation

Mr H’s mortgage application had hit a roadblock with his current lender, leaving him with little time to finalise and complete on his new purchase. His property broker approached us with a challenging completion timeframe of just six weeks.

Mr H wanted to purchase the property valued at £1.89million. His mortgage facility of approximately £1.23million would be supplemented by releasing equity from his unencumbered UK investment property (valued at around £1million) to cover the shortfall.

We considered Mr H’s interest rate strategy and he agreed to a 5-year fixed rate product (interest-only) over a 20-year term. This aligned with Mr. H’s anticipated retirement age and his plan to sell other investment properties in the UK and Singapore.

How we helped

We met with Mr H during his visit to London to get a deeper understanding of his complex income structure, which included overseas income and his shareholding in a firm.

Given the urgency of Mr H’s situation, we suggested arranging two separate mortgages. One for the property purchase and another for the equity release from the unencumbered property. By doing so, it allowed us to focus on the purchase first.

We considered Mr H’s interest rate strategy and he agreed to a 5-year fixed rate product (interest-only) over a 20-year term. This aligned with Mr. H’s anticipated retirement age and his plan to sell other investment properties in the UK and Singapore.

By being upfront about timescales with Mr. H, his broker, and the developer’s agent, we were able to agree a realistic completion timeframe.

The result was a favourable outcome for all parties involved, and most importantly, Mr H was able to complete on his desired Queensway property.

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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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