The people, amounts, property and circumstances are invented to explain a borrowing brief. No lender, rate, approval, completion or client outcome is claimed.
- Loan requested
- £875,000
- Loan type
- Remortgage
- Property type
- Flat
- Illustrative property value
- £1,250,000
- Equity after proposed loan
- £375,000
- Illustrative loan-to-value
- 70.0%
The equity figure is property value less the proposed loan; it is not a cash-release calculation. Existing debt and costs must be considered separately. The ratio illustrates arithmetic, not lending criteria or eligibility.
The borrower’s brief
A homeowner is reviewing borrowing on a Canary Wharf apartment estimated at £1.25 million. The proposed refinance is £875,000, and part of the household’s income arrives as an annual bonus. The existing mortgage balance and product end date are being confirmed.
The question behind the loan
A bonus paid in one year is not a promise about the next. The assessment needs the documented payment pattern, employment circumstances and the household’s regular spending. Switching costs, existing early-repayment charges and building expenses also belong in the comparison.
Information to bring together
- Salary and bonus evidence, with an explanation of any recent changes.
- Current mortgage statement, product end date and redemption information.
- The apartment’s lease, service-charge obligations and known works.
- The purpose of any change in borrowing and the preferred repayment plan.
Where the assessment goes next
Build a dated comparison using the actual outstanding debt and costs when options are reviewed. The £375,000 difference between example value and loan is remaining equity, not a guaranteed cash release. No percentage of bonus income or refinance saving is assumed.
Discuss your own circumstances
A similar loan amount or property type does not mean the same finance is available. Income, commitments, credit history, the property and current terms need an individual assessment. Tell Jack what you want to achieve and any part of the plan that remains uncertain.
Prepared for Jack Cousins, Head of Mortgages at Lockhart Murphy. Updated 10 November 2026.
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