Customer Profile
We recently received a mortgage application for a £200,000 loan on a residential purchase at just over 70% LTV. The applicant was living with his parents but also owned a BTL property. He had recently remortgaged the BTL property in order to fund the deposit for this residential purchase.
Scenario
The applicant is the director of his own limited consultancy company which was incorporated a few years ago. We used certified SA302’s from 2017 and an accountant’s projection to calculate income as there was a considerable increase in salary from previous years.
Brilliant Solution
We were able to source a lender that was able to take a positive view on the transaction. The fact that the applicant was not an owner occupier, had a short track record in business with a recent considerable increase in earnings and would also accept the property type.
Result
We placed the case with a Society at an incredibly low rate for the scenario which was appreciated by both the broker and their client.