Case Study –First-Time Buyers | Previously Declined Due to Complex Income

Property Value	£518,000
Loan Amount	£453,800
Location	Essex
LTV	87.6%
Achieved Rate	5.11%
Completed	May 2023
Adviser	Hasan Acik

The Client

We recently had the pleasure of working with some clients who were looking to purchase their first home together. One of the clients was a self-employed director overseeing two companies, while the other was a school teacher who also helped with the operational functions of the businesses. Unfortunately, their initial mortgage application with another adviser was denied. But when they approached us, we were happy to help and resubmitted their application to another lender, taking into account their most recent salary and net profit.

The Solution

The client's application presented a unique challenge as it involved four different income streams. To maximise their borrowing capacity, we selected a lender that considered both applicants' salaries and net profit at 100%, resulting in a higher lending amount. However, the clients encountered deposit issues and were considering backing out of the purchase. To overcome this, I worked with the clients to adjust the lending requirements, allowing them to borrow the additional funds they needed while still retaining a portion of their deposit.

The Henry Dannell Difference

During the initial application process, we were in constant communication with the developer to provide them with reassurance that the mortgage application was on track and there was nothing to worry about. We understand how important it is to keep all parties informed and working together to achieve a common goal. In addition, we maintained regular contact with the client's solicitor to keep them updated and ensure we were aware of all developments in the legal work being carried out. This allowed us to keep the clients in the loop and provide them with a seamless home-buying experience.