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Self employed first time buyers success story

This week's case study highlights how a mortgage adviser can be as flexible as the yoga instructor they are advising.

Our clients' challenge

Our clients were first time buyers who were looking for a residential property in London. Their key challenge was that they had a fluctuating self-employed income where the profits in previous years were lower compared to the projected higher profit in the coming year.

They needed to find a lender who would be able to take the projected income into account in order to borrow the the required amount.

A further challenge was that they had only a 10% deposit and requested a loan of £500,000. Due to the "loan to value", combined with the requirement to consider projected income, the number of options available was very limited.

Alexander Hall's solution

We liaised directly with the client's chartered accountant, who produced a reference to illustrate the projected self-employed income and we were able to secure the required loan of £500,000 and the highly competitive rate of 2.28%.

Thanks to special access to underwriters to discuss the case in advance, Alexander Hall was able to provide the client with an exclusive product and underwritten outside of standard published lending policy to take into account the projected income.

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