Case Study –First-Time Buyer | Complex Income

Property Value	£700,000
Loan	£525,000
Location	London
LTV	75%
Rate	1.29%
Broker	Kem Kemal

The Client

Our clients were first-time buyers looking to arrange finance for the purchase of their first home. Applicant one was a barrister with a sharp increase in her latest year of accounts compared to the previous year. Applicant two was a lecturer on a fixed-term contract, with a 6 monthly review. Based on their incomes, they had been advised by other brokers that it would make obtaining a mortgage difficult.

The Solution

We were able to source a lender that was willing to use the strength of both clients’ professions - with applicant one’s latest figures in isolation, in conjunction with the full value of applicant two’s current contract, with added evidence of previous renewals at the current level.

The Henry Dannell Difference

Typically, with a sharp income increase of over 50%, lenders would struggle to use the latest year in isolation for sole traders. However, with our expertise in the client’s field of law, we were able to explain the reason for the sharp increase and evidence sustainability moving forward. While it was also not a standard policy for this lender to lend to fixed-term contractors, we were able to speak directly with the lender and get them to lend on the basis of the client’s overall profile.