This week's case study highlights how Alexander Hall helped our clients buy their first home.
Our clients' challenge
Our clients were buying their first home, a 3-bed semi-detached house in the South-East. The price was £900,000 and they had a 35% deposit. The complexity of the case related to both of the client’s incomes. They owned their own hair salon and were both 50% shareholders. Their existing mortgage adviser had recommended a lender who instantly declined the case as outside of criteria; considering it too much of a risk given the affect that Covid-19 restrictions have had on their business in the short term. Incidentally, it was a long standing customer from their salon who recommended they got in touch with Alexander Hall. Our clients were understandably sceptical given their initial misfortune and the pretty negative press coverage on the impact that the Covid-19 pandemic had had on the self-employed and their prospects of obtaining a mortgage.
Alexander Hall's solution
We sourced a lender that was able to look at the long-term track record of the business, rather than just the most recent months that had been impacted by Covid. Through producing the client’s long-term business plan, we were able to demonstrate to the underwriters that the business was sustainable long-term, it had strong cash reserves and had weathered the impact of Covid incredibly well thus far. It took just 8 days from application for the lender to assess all of the paperwork, complete a survey and issue a mortgage offer to the clients. This underlines the importance of professional advice from a credible, well-established adviser that has strong lender relationships. Thankfully our clients have recently completed and are settling in to their new home, something that only a month ago felt impossible.
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