This week's case study highlights how Alexander Hall's expertise and excellent lender relationships helped overcome an issue with income verification to enable our clients to buy their new home.
Our clients' challenge
Our client had recently been promoted to a Partner position within his firm, and was hoping that his improved earnings would help towards securing a mortgage for a new home. As a Partner, he was no longer a salaried employee and earnings would instead be made up of ‘drawings’ from the business, typically evidenced through annual self-assessment tax calculations and accompanying tax overview documents – as opposed to payslips. In most cases, mortgage lenders will insist on having 1-2 years’ evidence of these documents in order to consider a mortgage application. Due to the timing of the promotion, our client did not have even the 1st year and prior to speaking with Alexander Hall, this issue had led to a declined application attempted through another broker.
Alexander Hall's solution
Our adviser spoke directly to the underwriting team at a lender we knew would be able to take a common-sense approach to the case and the supporting documentation available. Within an hour we had agreed a solution of obtaining a reference letter from a Senior Partner at the business, confirming the anticipated minimum ‘drawings’ and income for our client. By the following day the application was ready to be completed and we in fact secured a rate which was more competitive than that which had previously been applied for. We place a great deal of importance on the knowledge and skill of our advisers and the strength of our lender relationships. It’s fantastic to see these come together to shape positive outcomes for our clients!
Click here to see the current best moving home deals.
