Together has arranged a £1.52m remortgage for a former professional footballer and his wife, enabling the couple to repay a bridging loan used to acquire and renovate their family home.
The case was handled through Together’s Premier for Intermediaries service, which provides bespoke underwriting and case management for personal and commercial borrowing above £1m.
The couple had originally bought the property for £1m using bridging finance from another lender before carrying out an extensive refurbishment and reconfiguration programme.
The works increased the property’s value sufficiently for Together to provide a 50% LTV interest-only mortgage over a 27-year term, with the proceeds used to redeem the existing bridge.
The application also involved income from several freelance and self-employed sources, alongside a minor historic credit issue linked to resolved disputes involving unsecured loans and hire agreements.
Together says its underwriting team assessed the borrowers’ wider financial position rather than relying solely on standard lending criteria.
The couple intend to downsize at a later stage and use the equity created through the renovation to repay the mortgage before the end of its term.
COMPLEX INCOME
Dan Narwal (pictured), intermediary corporate account director at Together, says: “Finance is not always simple, especially for high net worth and self-employed individuals like our client.
“In this case, the couple had done a fantastic job renovating their home and needed help transitioning from a short-term bridging solution to a more long-term mortgage.
“Unfortunately, many lenders still struggle to understand complex income, especially when it comes from multiple sources and at irregular intervals. Additionally, their criteria can be too quick to dismiss clients based solely on minor credit issues.
“At Together, our team are problem solvers. Where some lenders see a reason for rejection, we look for a solution that can work for all parties – lender, broker and especially the client.”
