This week's case study highlights how Alexander Hall helped a lady returning from maternity leave purchase her dream home.
Our clients' challenge
Our client was about to return to work after 12 months maternity leave. Her employment income includes a significant percentage of commission. When she went on maternity leave although she had received some rollover commission overall, her last year’s income was minimal due to not receiving the normal commission level. She had spoken to her bank but was advised they could only consider using her basic salary for mortgage purposes, which is not sufficient for the loan amount required of £600,000.
Alexander Hall's solution
We have access to a manual underwriting department at a major lender, who can consider income scenarios that do not fit manual policy on a case by case basis. Due to the strength of commission income history the client had prior to maternity leave, the lender was willing to work off the previous commission evidence through historical P60s to satisfy the requested loan amount.
The client was overjoyed to be able to purchase a bigger to home to fit her growing family.
