This case study highlights how we were able to help a first time buyer get on the property ladder.
Our clients' proposition
Our client was a first time buyer having recently started his first professional role in London. He was keen to get onto the property ladder but due to affordability constraints could not get the lending required on his own. His father was keen to help him to buy and he had a large portfolio of properties set up via a number of limited companies, which showed fluctuating net profits, subject to when properties are bought and sold.
Alexander Hall's solution
Due to our client being a first time buyer our Adviser suggested purchasing on a joint borrower, sole proprietor basis, however options were limited due to our client's time in employment and the father being in his 60s which limited the length of the mortgage term. We sourced a lender that was willing to look at the father's Tax Calculation rather than a review of the company accounts or looking at the individual properties in the portfolio. The lender was also willing to provide some flexibility with our client's length of time in employment and the usual maximum age limit for father. The valuation happened within two days and the mortgage offer was issued in good time. Having initially thought we’d need to use quite a specialist lender with a more costly rate our client was very happy to secure a competitive product.
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