This week's case study highlights how we were able to help a client with limited credit history buy their first home.
Our clients' challenge
Our client was a first time buyer, who was under offer on a £650,000 property in London. The complexity of this case related to the client’s limited time living the UK, due to him having worked in Germany for the previous 5 years and only recently returning. He had a UK passport but very limited credit history here. In addition, he was due to start a new positon at an investment bank but he was not in receipt of his first wage slip yet. He was also on a probationary period and having approached a number of lenders directly himself, had found that until he had 3 month’s payslips in hand, options would be very limited. Delaying his application until then would mean he would definitely miss the deadline of the stamp duty holiday and incur a far more significant cost.
Alexander Hall's solution
We sourced a lender that was able to consider the case based on his signed employment contract and the confirmed future income. We provided a copy of the client’s CV to the bank, showing his track record in employment and earnings in the various positions he held in Germany. This gave them comfort with regards to his career progression and job stability and the satisfaction that the probation period should not be considered an issue. We also provided the lender with the UK address history that pre-dated the time spent in Germany, so the lender was able to search and find a clean UK credit history. The mortgage offer was duly issued within 2 weeks of submission and our client is on his way to completing well in advance of the 30th June stamp duty deadline.
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