Case Study –New Residential Purchase | COVID Support

Value	£550,000
Loan Amount	£495,000
Property Location	Sussex
LTV	90%
Achieved Rate	2.78%
Completed	March 2022

The Client

Our clients, both working as Barristers, were looking to purchase their first property together. One client had two years of accounts to prove a track record of income, whilst the other had one year of accounts. Both had accepted COVID support offered by the government during the lockdown, taken as a precaution – which neither client used.

The Solution

In the eyes of a lender, COVID support had a negative impact on a mortgage application. However, we were able to evidence to the lender that neither client had used any of the support loans, in fact, despite working from home, their practices had flourished during the pandemic, and their incomes (as evidenced on bank statements) were coming in at 25% higher than their previous year's incomes.

The Henry Dannell Difference

Using our well-established relationships with underwriters, we were able to present our clients' cases, outlining the complexities of their incomes and providing a detailed explanation as to why they secured the COVID support loans, as a precautionary measure. This gave the underwriters enough confidence to take into account the full level of both clients’ latest years’ of accounts to prove their income.