business
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Purchase of a Leasehold Pub & Restaurant Business Case Study 

The Client: 

There are two clients in this situation. One owns and runs a successful business. The other is the general manager for the Pub / Restaurant they are looking to buy. They have a good income and they have no bad credit issues. One applicant owns a residential jointly with her husband, the other lives with her mum.  

The Scenario: 

They are looking to purchase the leasehold of the business one of the applicants is already the general manager of. They are going to purchase this into a new company and continue running it as it has been. The freehold is owned by someone else, so there will be no physical security for the commercial loan.  

The Solution: 

Being a whole-of-market Broker, we have the knowledge to know that some lenders will allow a commercial loan to buy the leasehold of a business, without tangible security. The lender did ask for the client that owns a residential home to put her house up as security. However, because the husband is a joint owner and wasn’t involved in the company purchase, this wasn’t necessary. The option that was offered was a Recovery Loan Scheme (RLS) loan backed by the government.  

Discover our Commercial Mortgage Broker services. 

Summary: 

It is possible to get lending on extremely complicated setups, and situations that would seen as undesirable to most lenders.   

Key things to consider for foreign income: 

  • Some lenders will allow the purchase of a leasehold company 
  • Some lenders will offer commercial loans without tangible security 
  • Some lenders will allow loans backed by the government 

If you are interested in finding out more about ways in which you could potentially purchase a leasehold pub &/or restaurant then either call us today on 03303 112 646 to speak directly with one of our CeMAP qualified Mortgage Advisors. Alternatively, simply complete this short online form to send us an enquiry and one of the Team will call you asap.  

debt
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Second Mortgage Debt Consolidation – Case Study 

The Client: 

Our client’s objective was to consolidate as much unsecured debt as possible including credit items with interest rates as high at 29.9% and some with low to 0% interest rates, which were scheduled to shortly revert to 20% plus rates in a few months’ time.  In addition to some personal loans, the Client was finding it difficult to cope and very stressed. 

Scenario: 

The client’s financial circumstances deteriorated due to Covid 19 pandemic when the client had been put on furlough.  The credit was taken out to supplement the client’s income during this financially difficult time and resulted in a negative disposable income situation for the client.  The client wishes to consolidate all of these items onto better terms with just one low monthly repayment and to give the revolving credit a definite end date. The client understood that if action wasn’t taken now, they would not be able to meet the monthly payments to their unsecured creditors and could have an adverse impact on the client’s credit file and any future remortgage options. 

The Solution: 

A Second mortgage was raised for the client.  This in turn protected their existing mortgage rate and not having to pay the early repayment charge with the existing mortgage lender.   

The second mortgage reduced the client’s monthly outgoings from £1,600 per month to a more comfortable repayment of £450 per month.  This is turn helped the client to keep their credit report intact, and the client was no longer in a negative disposable income situation and had funds left over for a better quality of life and funds left over for any life events. 

The pressure and stress was fully removed from the client.  The client only needed to focus on paying the first charge mortgage and the second charge mortgage, rather than having to manage multiple creditor payments each month for the unsecured credit. 

By settling all the unsecured credit this also helps the client to be in a better position for remortgage options in the future when their fixed rate ends.  The second mortgage was offered at a fixed rate to fit in line when the first mortgage fixed rate ends.  The client will then be able to remortgage when both the fixed rates end on the first and second mortgage without incurring early repayment charges. 

This resulted in a very happy client and a returning customer for the remortgage. 

Summary: 

Second Charge Mortgages can be a great solution for clients wishing to consolidate multiple expensive sources of credit into just one loan, as well as a great solution to also release equity from their home. Second Charge mortgages run alongside the existing (First Charge) Mortgage and therefore no expensive Early Repayment Charges (ERCs) are incurred. 

If you are interested in finding out more about Second Charge Mortgages then either call us today on 03303 112 646 to speak directly with one of our CeMAP qualified Mortgage Advisors. Alternatively, simply complete this short online form to send us an enquiry and one of the Team will call you asap. 

Residential Purchase
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Complex Residential Purchase Multiple Income Sources – Case Study 

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.  

Discover our Residential Mortgage Broker services. 

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. 

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Residential Purchase using Let to Buy and BTL – Case Study 

The Client:

Married couple seeking to raise funds for a new residential purchase. Client’s both own a Buy to Let property each and their current residential property.

Scenario:

The clients were short on funds for the new purchase and are looking at creative ways in which to raise the finance.

“Mr” is a contract worker and has been for 27 years. However, Mr had a break between contracts and lenders as a rule do not like this, so this proved difficult to arrange a new residential mortgage. “Mrs” is also a fixed term contract worker but as Mrs has worked for the same company for the last 2 years and as there is no end date to the contract, the lenders were happy to use Mrs’s income; but not Mr’s so affordability for the whole scenario to work was a struggle.

The Solution:

A Let to Buy Mortgage was raised on the existing residential property, raising funds to put towards the new purchase using the projected rental income for affordability.

We used Mrs Buy to Let property to raise funds towards the residential purchase, which again is self-funding from the rental income.

The result was a very happy client and they are now able to purchase their new residential property.

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.

residential
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Portfolio Landlord Residential Purchase with Multiple Income Streams – Case Study

The Client:

There are two applicants. The main applicant has three sources of income. One is employed, one is self-employed and one has property income. The client also has a fair amount of unsecured finance and he doesn’t want it to impact his affordability. He will be paying it off before completion.

The Scenario:

The clients do not own their own residential property. They are living with family, however the gentleman owns 3 buy-to-lets in his personal name and has 27 buy-to-lets in a limited company. They want to purchase a residential. They are not first-time buyers, so this is not an issue, however, we do need to borrow as much as possible.

The gentleman’s employed income is simple – he has a second self-employed source of income, but it’s important to make sure you use a lender that takes 100% incomes from both. The most interesting aspect of this is the buy-to-let income – some lenders will take in to account all the mortgages against a client’s name which will seriously adversely affect affordability. As he also will be consolidating debts before completion from his own sources to maximise the loan amount, but it’s important to use a lender that will discount it from the calculation. Not all lenders do and it impacts significantly the loan amount possible.

Discover our Residential Mortgage Broker services. 

The Solution:

Being a true whole-of-market mortgage Broker, we have the knowledge to know that some lenders will discount debts that will be consolidated before completion of the mortgage, from own funds or using the money being raised. We also know who will allow someone to have a large portfolio and accept multiple sources of income without using the mortgages on the buy to lets against them.
Through our experience and knowledge, it helps us know who will take 100% of multiple income types to really squeeze the most out of the loan. This is always advantageous to clients.

Summary:

It is possible to get lending on extremely complicated setups and situations that would seen as undesirable to most lenders.

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 and one of our Advisors will call you right back.

residential
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Residential Purchase – Part Foreign National – Case Study 

The Clients: 

The clients were a married couple who had recently moved back to the UK to reside full time. The first applicant was British born, with the other being a Foreign National on a visa to reside in the UK. They were looking to purchase a residential home for themselves and their family.  

Discover our Expat Mortgage Broker services.  

The Scenario: 

The clients owned a residential property in Canada which they sold before moving to the UK. They were both in full time employment, however as they had been out of the country for a long period of time, they had been working hard to build up a good credit score to support their application.  

The Solution: 

Being a whole-of-market Broker, we had the knowledge to know that some lenders would consider a Foreign National on the application with no restrictions if the first applicant was British.  
 
The clients were looking at achieving 90% loan to value, which would not be possible with most lenders because of the status of the Foreign National. By using our expertise, we were however able to find a lender who would accept 90% loan to value and secured a formal Mortgage Offer within 2 weeks of submitting the full application. 

Summary: 

It is possible to get lending with no restrictions if you have a joint application with one British national and one Foreign National applying together.  

Key things to consider: 

  • Some lenders will accept foreign nationals with a British national. 
  • Some lenders will consider no loan to value restrictions with this setup. 
  • Some lenders will allow lending in this scenario once you have been in employment for 6 months. 
  • Some lenders will a low credit score due to not having built up credit, if one applicant has a high credit score. 

If you have any questions relating to Residential mortgages, contact us today to speak directly with one of our CeMAP certified Expat Mortgage Advisors. Call us today on 03303 112 646. Alternatively, please complete this short online form and one of our Advisors will call you right back.   

Shared Ownership
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Residential First Time Buyer Shared Ownership – Case Study 

The Client: 

The client came to us as a first-time buyer looking to purchase their first home. The client was interested in the Shared Ownership Scheme and had put down a deposit, securing the plot.  

Discover our Residential Mortgage Broker services. 

Scenario: 

The client was purchasing 25% of the property from the Housing Association and needed to move quickly, as the development was nearing completion and an exchange deadline had been set and had to be met to avoid the client having to pay additional fees and penalties.  

The Solution:  

As a whole of market mortgage broker, we were able to search the market to find a High Street Lender who was happy with the Shared Ownership Scheme. A desktop valuation was carried out confirming that the property purchase was suitable and a Mortgage Offer was produced for the client within just one week of full application being submitted.  

It was then over to the legal teams who worked efficiently in getting the matter to exchange by the deadline provided, so the client did not incur any penalties or additional fees. 
 
Summary:  

Shared Ownership can be a great way for clients to get onto the property ladder who otherwise may not be able to if buying 100% of the property. Our specialist advisors have the knowledge and tools to find suitable lenders for everyone, working quickly to make sure our clients can secure their dream homes. 

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 and one of our Advisors will call you right back.  

UK
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Expat Residential Purchase for move back to the UK – Case Study 

The Client:  

Our clients had been living oversees for several years. They owned a portfolio of Buy to Let properties in the UK. The Husband was employed with an international company and the Wife was predominately a housewife. Due to family ties back in the UK wife and the children were looking to move back with husband following when possible.    

Scenario:  

We needed to look for a lender who would accept anticipated income for the wife as she had secured a job for when she returned to the UK. The husband was still in a probation period within his new role which is a stumbling block for some lenders, even though he was working in the same field as he had done for many years. We would also require a lender who would look at the rental income received from their property portfolio in order to satisfy affordability criteria. 

Discover our Expat Mortgage Broker services.  

The Solution:   

As whole of market mortgage broker we were able to approach lenders and explain the clients’ scenario before placing a full application. We also had a time constraint as the seller was threatening to pull out of the deal if an offer was not produced in good time. We found a lender who was happy with the clients’ profile and were able to secure the offer so as the clients could come home to be with family here. 

Summary:   

Securing a residential in the UK when one of the parties is planning on staying abroad can cause concerns for lenders. As a whole of market mortgage broker and using our Advisors’ expertise we have the ability to search the market to find a suitable lender to help our clients when they have exhausted all other avenues. 

Please get in touch today with our dedicated team of Specialist Expat Mortgage Advisers for any Mortgage questions you might have. Call us now on 03303 112 646 . Alternatively, you can also fill in this short online form we will get back to you straight away.  

office block
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Converted office block, flat purchase – Case study 

The client:  

The client had seen an attractive investment opportunity which was a large multistorey office block, in a city centre location which was in the process of being converted into multiple flats. Our client was a portfolio landlord with a spread of existing properties from traditional Buy to Lets to Serviced Accommodation, both in personal names and also a limited company. 

The Scenario:  

The key element to this case was to find a lender who was comfortable with this type of property as a security.  Not only is it a converted building but one that is potentially considered to be investor led. This limits the lenders we could approach as some would not like the fact it is a converted building and some steer clear of investment led developments as when the time eventually came to sell it on, it would limit potential buyers. 

Discover our Buy to Let Mortgage Broker services.  

The Solution:  

Due to our access to lenders’ Business Development Managers and being a whole-of market-broker who works with all 300+ lenders; not only were we able to discover a lender that would consider this kind of property, but also we found one that was most likely to accept ‘subject to valuation’. Our client was made aware the application would be subject to valuation and was happy to move forward with the risk as the opportunity was too good to turn down. 

Summary:  

Many investors looking to purchase properties of this kind unfortunately have their mortgage applications declined when it comes to the valuation stage.  Using a suitable lender who is comfortable with this kind of development is key. As a whole of market broker, we can approach these specialist lenders and discuss in person to find the best suitable lender for our clients. 

Contact us today to speak with one of our CeMAP certified Mortgage Advisors. Call us today on 03303 112 646. Alternatively, please complete this short online form and one of our Advisors will call you right back.  

landlord
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BTL purchase – First-time Landlord Case study 

The client:  

The client was looking to invest some capital into a property. Despite the recent rate rises this was an attractively priced property and one that the client believed could have the potential for capital growth. As a first-time landlord the applicant wanted whole of market advice to make sure that they had the best mortgage product available. As well as that we were able to guide and advise on the property buying process more generally. 

The Scenario:  

The client had an offer accepted and was ready to proceed with a mortgage when they contacted us. We would now have to act fast to secure the best deal for the client, finding a lender who was happy to take first time landlords with no experience in the industry. 

The Solution:  

Given their offer had already been accepted we were able to act with speed. After an initial appointment we were able to submit a mortgage application the very next day after receiving documents overnight via email. The chosen lender was happy to move forward with the clients being first time landlords and they worked at speed for our client in this challenging time to secure the best rate available. 

Discover our Buy to Let Mortgage Broker services. 

Summary:  

The property market can be fast paced and many Estate Agents require sight of a mortgage agreement in principle before they will mark a property as under offer and cease viewings.  All the while this is happening there is a risk that a rival offer will be submitted and you could lose out. Therefore, dealing with a Mortgage Advisor who can act quickly is crucial. 

Contact us today to speak with one of our CeMAP certified Mortgage Advisors. Call us today on 03303 112 646. Alternatively, please complete this short online form and one of our Advisors will call you right back.