Case Study –New Residential Purchase | Partially Retired KC

Value	£1,460,000
Loan	£750,000
Location	Cambridge
LTV	51%
Achieved Rate	1.99%

The Client

Our client and his wife were looking to purchase a new home at £1.46m. His wife had already retired and though he was currently working as a KC, he had decided to reduce his workload and focus solely on a smaller practice of existing clients.

The Solution

As our client’s wife was retired and he was partially retired, with his income moving in a downward trend from previous years, we had to evidence the sustainability of income to a lender. Using chambers reports and letters from clerks, as well as his wife’s pension income, we were able to evidence projected income, enabling the client to borrow the required loan amount.

The Henry Dannell Difference

With our extensive knowledge of a barrister’s income, we were able to explain directly to underwriters the structure in which they are paid. This provided the lender with the confidence that our client's current income was sustainable. Whilst this was not in keeping within a lender's standard criteria or policy rules, our well-established relationships with certain banks enabled us the opportunity to discuss the overall profile and income structure of the client. This, in turn, allowed the client to secure their offer, without needing to liquidate any of their existing assets to make up the funds to purchase their desired property.