£900k mortgage brief for a Greenwich house

The borrower’s brief

Two buyers are considering a Greenwich house for £1.2 million. They propose £900,000 of borrowing and have £300,000 towards the price. One income includes a bonus. They would like to modernise the kitchen after moving, with that work paid from a separate reserve.

The question behind the loan

The immediate purchase must be assessed on the existing home and evidenced income. A hoped-for bonus or future increase in value cannot be treated as money already available. The proposed works also need their own cost and permissions review.

Information to bring together

• Basic salary and variable-pay history, with other commitments and regular spending.
• Deposit evidence, transaction costs and the reserve earmarked for works.
• Survey findings, the property title and records of earlier alterations.
• Any conservation or planning enquiries for the actual address, checked with the appropriate professionals.

Where the assessment goes next

The first decision is whether the purchase budget works before any improvement project begins. If the separate works budget is uncertain, the buyers need to reconsider scope or timing. No approval or completed mortgage 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.

Start a conversation about your own brief ↗