Mortgage Amount: £320k
Sometimes clients can have, what seems to be, quite complex situations regarding their mortgage requirements and we often find that they contact us when they have either been let down by the high street or that other brokers struggle with the, sometimes, complicated details of their situation. Due to our breadth of knowledge and access to over 150 lenders we more often than not are able to find a path that works for them and allows them to find the most appropriate mortgage deal for their circumstances.
We were contacted by a client looking to purchase a new build property in Peterborough. The property was listed for sale at £355k and the client was only in possession of a 10% deposit, which immediately led to a limited amount of lenders that would consider such a high mortgage amount.
In addition, to add to the complexity of this particular case the client had recently become a major shareholder in a family run business. By becoming a large shareholder they had converted the majority of their income into monthly dividends for tax purposes. Due to having a significantly reduced regular income they discovered that no high street lender was willing to lend to them due to how recently the change in circumstances had occurred, meaning there was no tax return yet available for the self-employed element of their income.
Following a thorough fact find of the individuals circumstances we were able to source a lender who took into account the uniqueness and complexities of the individuals case – taking into account the familial nature of the share acquisition and the company account over the last few years . We then submitted our application to them and this was in turn approved and offered to the client who is now proceeding with the purchase of their property.
Do you have complex mortgage requirements that the high street have let you down on?
To discuss your mortgage and protection requirements today contact us on 01249 474952 or complete the form below and we will be in touch.