Case Study –First-Time Buyer | Sharp Income Increase

Value	£1,950,000
Loan Amount	£1,325,000
Location	Dulwich
LTV	67.9%
Achieved Rate	2.24%
Completed	July 2022
Adviser	Courtney Flockhart

The Client

Our client was a barrister looking to purchase his first property. His practice had started with a strong upward trajectory in the latest two years, meaning his income had significantly increased without any evidence to state a proven track record at this level. Further to this, the client’s accounts were filed out of the tax year which meant his latest accounts were not the figures that showed on the latest available tax return. Prior to being introduced to us, our client had approached a few banks directly who were unable to assist due to the complexity of his income.

The Solution

We were able to source a lender with whom we had a well-established relationship, which allowed us to speak directly with the underwriter dealing with the application. This meant we were able to get assurances that subject to valuation, there wouldn’t be any issues with getting the underwriting agreed upon and subsequently were able to turn this around within 6 days of submission. This was achieved by getting the underwriter comfortable with the validity of the accounts and evidencing the sustainability of the client’s income via chambers reports and bank statements.

The Henry Dannell Difference

In this case, we were not only able to source a product our client was happy with and get the underwriting agreed upon promptly, yet, we were also able to support our client with other aspects of the transactional process. For example, there had been an error where the agent's office had incorrectly booked the valuation for another property they were selling on the road. We always check on matters like this to ensure if there are any errors, these can be resolved before an issue arises. In this instance, we were able to resolve the agent's error meaning time wasn’t lost further down the line.