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Self-employed lending success story

This week's case study highlights how Alexander Hall helped a self-employed client move home during the Covid-19 pandemic.

Our clients' challenge

Our client is a self-employed theatre designer, he was looking to move home and needed advice on a residential mortgage with a 20% deposit. In the wake of the Covid-19 pandemic, his work had quietened significantly and he’d needed to utilise the government grant scheme for short-term financial support. He was understandably concerned with whether or not he would now be eligible for a mortgage, and if so, how his recent change of income may impact his borrowing capacity and purchase budget.

Alexander Hall's solution

We sourced a lender that was willing to take a view on the client’s short term drop in earnings, based on the extensive track record and additional detail that we were able to provide. We presented the previous 3 years accounts, which showed a consistent growth in earnings, along with the relevant individual contracts that had been worked. In addition, we produced a number of personal reference letters from theatre directors across the UK, who also outlined the work they expected to have available in the coming 12 months, along with the prospective contracts. Our fantastic relationships with our mortgage lender partners mean that we can speak to key decision makers, who are prepared to take each case by its own merits and apply common sense. In this case it took just two days to produce a mortgage offer for our ecstatic client.

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