Gareth Briggs, Head of Residential UK at specialist capital advisory Arc & Co., has secured a £1.9m residential mortgage on a rolled-up interest basis, fixed for three years.
The borrowers are a couple in their 60s, who are both entrepreneurial and did not reflect significant drawings from their businesses. By having the interest rolled-up, this allowed the pair to keep their assets and pensions intact.
The five-year mortgage is priced at a fixed rate of 6.3% for three years, and is secured on a property in Kensington, London, with a value of £3.1m.
Gareth comments:
“We’re pleased to have managed to arrange this facility in a tax efficient way for the borrowers. Having excellent knowledge of the lenders whose flexibility can support this type of interest structure is of paramount importance when advising on non-standard cases. Butterfield really delivered.”
Wendy Scott, Senior Business Development Manager at Butterfield comments:
“I thoroughly enjoyed working with Gareth and the Arc & Co team to find a solution for such interesting borrowers; at BML we strive to assist HNW clients who often have complex needs.”