Adam O’Callaghan
Director
A complex £3.6m residential remortgage deal completed by Adam O’Callaghan, director in our Gracechurch Street office.
This client had a successful career in banking, retired in his forties and therefore had no regular income. He did have significant liquid assets (stocks and shares) but these were owned by various corporate structures, all of which were offshore.
Although some lenders can lend based on the strength of a client’s balance sheet, this is generally only if the assets are held and managed in the UK.
Our solution was to use a Private bank who could attribute an ‘income’ to the assets once future considerations such as Capital Gains Tax were considered. This gave the bank confidence that affordability wouldn’t be an issue moving forward.
