Case Study:
2.25m loan against main residence

The Requirement: 2.25m loan against main residence of 4.5m, to pay off a loan from an offshore company before a recent HRMC rule change resulted in tax being due.

The Solution: 2.5% over base on a revolving facility basis, which meant no early repayment charges were payable at any time. The client’s onshore income meant the loan was 13x income, however the bank were happy to lend based on overall Net Asset Value of the client, although no further charges were made over additional security. Loan rate reduces if client gives the bank other assets to manage.

The Broker: Ian Humphreys.