Case Study –First-Time Buyer | Self-Employed Contractor

Value	£475,000
Loan Amount	£330,000
Property Location	Kent
LTV	70%
Achieved Rate	1.52%
Completed	April 2022

The Client

Our client was a first-time buyer looking to purchase their first property. However, as a contractor, they did not have a full-time PAYE employment contract to evidence affordability. Whilst she had a Limited Company, this did not demonstrate enough income to provide the client with the sufficient level of lending required.

The Solution

We were able to find a solution that enabled the lender to maximise her income using the value of her contract. By multiplying the daily rate on the contract by 5 (days per week) and 48 (weeks per year), with 4 weeks per year of non-paid holiday, we were able to evidence affordability to the lender.

The Henry Dannell Difference

As a first-time buyer, our client experienced multiple issues when speaking with banks directly, prior to instructing us. The main issue she faced, was many high street banks did not understand how her income was structured. This meant her delaying the purchase of a property until speaking with us, to find her a solution.