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Lending success story

This week's case study highlights how Alexander Hall helped our clients move home during the Covid-19 pandemic.

Our clients' challenge

Our clients had decided to move home, upsizing whilst moving from London to the countryside. They were purchasing the new home at £730,000 and had a 15% deposit. They also wished to retain their existing London property as a rental investment. The complexity of the case related to both of the client’s incomes. Client 1 had just returned from maternity leave and had no recent proof of income, though she had been paid a performance bonus. Client 2 is self-employed and had recently changed the structure of his business, from an LLP to a LTD company, meaning he only had 1 years trading accounts and income proof as a LTD company, as opposed to the 2-3 years accounts typically required by lenders.

Alexander Hall's solution

We sourced a lender that would be prepared to take a common sense approach to each of these considerations. A reference letter from Client 1’s employer was used to confirmed the salary and basis on which she’d be returning to work, as well as ongoing eligibility for the bonus scheme. On this basis, both the basic salary and bonus were used for the affordability calculation on the new mortgage. Where applicant 2’s change of income structure was concerned, the lender took the view that because the line of work had not fundamentally changed, they would use the 1 year’s accounts for income proof. The lender also appreciated that the nature of the client’s work meant that it was viable for them to continue working full time on a remote basis, with intermittent returns to London. We obtained a mortgage offer on the new home within 2 days of application and our delighted clients are now enjoying their new home in the countryside.

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