Case Study –Residential Mortgage | Sharp Income Increase

Value	£1,900,000
Loan Amount	£1,615,000
Location	Manchester
LTV	85%
Achieved Rate	3.36%
Completed	July 2022

The Client

Our client was a talent/influencer manager looking for an 85% loan. The client had already started the process with a private bank directly, which had let her down by not coming back to her quickly enough, which meant she was now at risk of losing the purchase property, as well as the purchasers for the property she was selling. The delay was that the client had only been self-employed for 18 months which meant the private bank was struggling to understand the sharp increase in income from her previous employed role.

The Solution

We were able to gain an understanding of the nature of our client income, which allowed us to present to the lender, detailing how the client earns a percentage on each of her client's work, by evidencing invoices and agreed contracts for the coming year. This combined with 6 months of management figures and bank statements, allowed us to easily project the income for future earnings. In presenting a robust case, it was referred directly to a credit manager for approval.

The Henry Dannell Difference

We had pre-discussed the enquiry with a business development manager at the selected bank and whilst they had initially approved the case, it was unfortunately allocated to a particularly difficult underwriter. On this basis and with our knowledge of the client's income, we were able to present the case to senior managers within the bank and have the application pulled for review by the head of credit risk, rather than face any potential further issues with the underwriter. The difference in what we were able to do, was use our connections to support the client to achieve their required outcome, whilst retaining the buyer for her existing property and enabling her to complete within the deadline provided by the vendors.