Dudley Building Society, in collaboration with mortgage specialist SPF Private Clients, has completed a £998,000 residential remortgage on an interest-only basis.

The mutual worked with SPF Private Clients on the deal, which took seven weeks from enquiry to completion.

The remortgage was structured at 50% loan-to-value (LTV) over a seven-year term, allowing the applicants to raise capital for gifting deposit monies to their daughter for her first home purchase.

The arrangement is secured against a high-value property with sufficient equity, utilising a downsizing strategy as the repayment vehicle.

COMPLEXITIES

The applicants, who are self-employed with two separate businesses – one based in the UK and the other offshore – presented unique income complexities. Dudley Building Society and SPF Private Clients combined salary and dividends from one company while factoring in net profit from the other.

In addition, as the offshore business operates in Euros, Dudley’s lending flexibility extended to foreign currency income.

“we were able to assess complex income streams and provide a bespoke solution that met the family’s goals”

Robert Oliver, distribution director at Dudley Building Society, said: “This case is an example of how Dudley Building Society’s flexible and common-sense approach allows us to meet the unique needs of our clients.

“Working alongside our friends at SPF Private Clients, we were able to assess complex income streams and provide a bespoke solution that met the family’s goals.

“We’re pleased to have facilitated a solution that both supports our client’s family and reinforces our commitment to flexibility in challenging applications.”

Russell Hall, director at SPF Private Clients, added: “Our close collaboration with Dudley Building Society made it possible to deliver a timely and effective solution on this complex case. Their willingness to consider diverse income structures, including foreign currency earnings, and their dedication to clear communication made a real difference.

“The result is a successful outcome that empowers our client to support their daughter in purchasing her first home.”