This week's case study highlights how Alexander Hall helped a city professional secure a large mortgage using their bonus track record from a previous employer.
Our clients' challenge
The client was an investment banker who had recently changed companies to a role where a large portion of his income was from bonuses.
He had been head hunted and moved firms in the last two years, meaning he had only one year’s bonus from his current employer. Having spoken to one adviser already he was told this meant that his purchasing options were very limited and only a percentage of his latest bonus could be used to calculate his maximum borrowing. Having heard this he decided to get a second opinion with Alexander Hall.
Alexander Hall's solution
Through our special relationship with a high street lender and direct access to underwriters, we were able to secure terms through their higher value lending team for the loan amount of £2.6 million at a market leading rate of 1.6%.
They took an average of the most recent bonus in his current company and his bonus from his previous company on the basis that it was a near identical role, and were happy to use all of this bonus income in their affordability assessment due to the strength of the client’s track record to get to the borrowing amount requested.
The client was able to make the move successfully in an area close to work and within the right school catchment areas.
