The Client:
There is one applicant, who is trying to buy his first home. The client has two jobs, one in which he is employed and the other in which he is self-employed.
The Scenario:
The client is a first-time buyer. He has a good deposit and wants to buy a home. He works employed and remotely for a family company, but has only started this in the last 6 months or so. This brings challenges as most lenders look at this and assume he has taken this role on for the purpose of affordability. He also has self employed income from driving and he has only been doing this for about 18 months. This is difficult because most lenders will only accept self-employed income that has two years track record and is provable for that period of time.
Finally, the last problem with this particular scenario is that he is relocating to a city quite far away. This brings with it the question of can his self-employed work be replicated and can his employed role really be done remotely.
The Solution:
Being a whole-of-market Broker, we have the knowledge to know that some lenders will not hold it against someone that they have started working for a family company recently. We also know that there are lenders that make it a USP that they will accept one year’s worth of accounts for self employed income.
As a specialist, we are also aware of the lenders that are relaxed about people moving far from their current location, as long as it all makes sense. With this knowledge we got the client a full mortgage offer quickly, and they were extremely grateful for our expertise.
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Summary:
It is possible to secure mortgage lending even in extremely complicated cases and situations that would be considered as undesirable to most lenders.
Key things to consider for scenarios such as this:
- Some lenders will allow employment by a family company, started recently.
- Some lenders will accept 100% of multiple sources of income.
- Some lenders will allow self employed income with less than 2 years track record.
- Some lenders take a relaxed view of moving across the country, as long as it’s viable and makes sense.
Summary:
Whole of market Mortgage Brokers with CeMAP qualified Advisors are always able to look at creative ways in which to solve solutions such as this.
If you have any questions relating to Residential mortgages, contact us today to speak directly with one of our CeMAP certified Mortgage Advisors. Call us today on 03303 112 646. Alternatively, please complete this short online form one of our Advisors will call you right back.