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Sports person employed on a fixed term contract success story

This week's case study highlights how Alexander Hall helped a sports professional secure a mortgage whilst being on a sports person short term visa.

Our clients' challenge

Our client is a professional sports person, who is employed on a short fixed term contract. He is in the UK on a ‘sports person short term VISA’ and has only been resident in the UK for 6 months. He had found an off plan new build property that he wanted to purchase. The property was not due to be completed for another 12 months, but the client wanted to ensure he could get a mortgage before committing to the purchase.

He had spoken to his bank, but they confirmed they could only consider a mortgage application within 3 months of the property’s anticipated build completion. He then met another mortgage adviser but they stated the combination of the income type, VISA status, UK residency period and off plan property type meant there were no mortgage options available.

Alexander Hall's solution

We are experienced in helping clients on fixed term contracts. As such we knew a shortlist of lenders that would be able to take a bespoke view on the client’s income structure. We managed to get a high street lender to agree to use the minimum stated contracted income, which was more than sufficient for the loan amount the client required.

This lender has a specialist new build department that allow applications up to 12 months before the completion date. The client’s VISA status also fit their criteria and the application was subsequently agreed within 2 weeks. We secured the client a 2 year fixed rate at 1.48% against borrowing of £750,000, which was one of the best on the market at the time – he was naturally delighted!

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