Explore our case studies below to see how we can help your clients. From self-employed, to contractors and mortgages for the over 55's. Our products and criteria are made with your clients in mind.
No credit scoring
First time buyers, Mr D and Miss S needed a 90% mortgage. Sourcing on rate, their mortgage consultant had tried two high street lenders but both had declined the application at decision in principle stage. After obtaining a copy of their credit files, it became apparent that whilst neither client had any adverse history, both clients were suffering due to a low credit score.
Mr D had not registered on the voters roll, and as both he and Miss S lived with their parents, neither had previously arranged any loans or finance agreements. Their credit files detailed their bank account history, and Miss S had one credit card, which was within its limit but on two occasions during the last 24 months she had been late making the monthly payment.
We were able to accept the application as the clients could easily demonstrate affordability and had satisfactory employment history. Mr D provided an explanation for his omission from the electoral roll and alternative proof of address history and Miss S provided a satisfactory explanation for the missed payments.
Mr F worked as an IT consultant and was looking to borrow £200,000 at 85% loan to value.
His wife was a freelance journalist, but had been self-employed for less than 12 months, which meant her income had to be excluded from our assessment.
Mr F had been previously employed by an IT company for three years, and on their suggestion he had switched to self-employed status eight months earlier, and was now classified as a sub-contractor rather than an 'employee'.
This change of status within the previous 12 months had prevented his estate agency based mortgage consultant from securing a mortgage from a number of high street lenders.
The case was referred to us and we were happy to assist as the client had three years employment history and his 'employer' was able to supply the required reference confirming his total gross earnings to date and the fact they had no reason to believe the relationship would not continue long term.
Mortgages for professionals
Ms D was a qualified solicitor for eight years.
In the last 12 months Ms D had been promoted to partner of the practice. As a result she changed her employment status from PAYE to self-employed. Her broker contacted us as her employment status change took place in the year leading up to applying for a new mortgage.
A mortgage was agreed for Ms D and underwriting was concluded based on a reference supplied by the senior partner within the practice.
Mr S was looking to purchase a new property. He declared he had taken out multiple payday loans over a number of years up until 2018.
Due to Mr S having a recent clear credit history, the case was reviewed during our mortgage surgery and was approved on the basis a satisfactory review of recent bank statements was carried out.
Joint Borrower Sole Proprietor
Miss M was looking to purchase a new property but had recently started her own business and did not have adequate income to support the full mortgage amount.
Her parents, Mr and Mrs were professional landlords and happy to support the application on a JBSP basis. A £131,000 mortgage was agreed over 25 years, 49% loan to value in all three names.
Later Life Lending
Mrs D, 68 years of age, was looking to relocate nearer to her family. She had an offer accepted on a new property and approached us to arrange a Retirement Interest Only (RIO) mortgage to support the purchase. Mrs D was retired and in receipt of both state and private pension and a £136,000 mortgage was agreed on interest only, with no end term which removed the requirement for the balance to be repaid at a fixed date on the future.
Tailored Term Mortgage
Mr & Mrs Client are 55 and 52 years of age and are moving to a new house and require a mortgage of £180,000 to support this new purchase.
Their current salaries are sufficient to support the £180,000 borrowing, but rather than apply a term to Mr scheduled retirement age (70). They were able to demonstrate that their pension provision was sufficient to support borrowing in retirement of £100,000**. This enabled an application to be agreed on a split extended term:
Part 1 £80,000 on a capital and repayment basic over 14 years
Part 2 £100,000 on an interest only basis for 29 years***
*Verifiable income from a pension or other sustainable source, such as investments or rental income is required on application to determine the maximum level of borrowing that can extend into retirement.
**Clients must be able to demonstrate that part 2 of the loan remains affordable in the event of the early death of either party, or that the surviving borrower retains the ability to down-size to a property within a 5 mile radius of the mortgage security
***To qualify for interest only, clients must satisfy our existing interest only lending criteria.
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