Case Study –Structuring a Mortgage for a Law Firm Partner Purchasing a New Home

The Situation

A partner at a law firm approached Henry Dannell while purchasing a new home.

The client had an existing mortgage and wanted to explore whether this could be ported to the new property, alongside the additional borrowing required to complete the purchase.

While securing the required lending was important, the structure of the mortgage was equally significant. Rather than simply maximising borrowing capacity, the client wanted the overall monthly commitment to remain within a preferred budget.

The Challenge

The case required us to consider how the client's existing mortgage could work alongside the additional borrowing required for the purchase. This meant looking beyond the headline loan amount and considering how the overall structure would affect the client's ongoing monthly commitment. For a professional with a significant income, borrowing capacity alone does not necessarily determine the most appropriate mortgage structure. The objective was to secure the borrowing required for the purchase while structuring the mortgage around the client's wider financial preferences. The purchase also provided an appropriate opportunity to review the family's existing protection arrangements and consider whether they remained suitable following the change in property and borrowing.

The Solution

We explored a structure that enabled the client to port their existing mortgage while arranging the additional borrowing required for the new property. By considering the existing borrowing, additional requirement and desired monthly commitment together, we were able to structure the mortgage around both the immediate purchase and the client's preferred level of ongoing expenditure. Alongside the mortgage advice, we completed a protection review to consider the family's existing arrangements and whether these remained appropriate in light of the new property purchase and associated borrowing. The result was a coordinated approach to the client's mortgage and protection requirements, supporting the property purchase while remaining aligned with the family's wider financial priorities. Please note: A mortgage is secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Mortgage availability and lending are subject to individual circumstances and status.