This case study highlights the importance of taking the right approach with proof of income.
Our clients' situation
This particular client wanted to let their current home and use that rental income to support a mortgage on a new property they wanted to buy (and live in). This is called let to buy. As is common in their industry, some of their employee package is made up of Restricted Stock Units (RSU) and cash bonuses. They wanted a significant loan for the onward purchase and needed us to find them a lender that would look at income outside of their basic salary.
Alexander Hall's solution
Where we work with over 100 lenders, we knew which of these to approach with a view to considering our client under one of their large loan pilot schemes. Proof of income was key with our success with this loan. The chosen lender was able to take a 2 year average of the RSU income using evidence provided through P60s and compensation statements. That together with a letter outlining the estimated rental value from an ARLA registered letting agent to support their mortgage application enabled our client to buy and move into their new home.
To talk to one of our advisers about your mortgage needs, call us on 08000 38 37 36 or book an appointment today.
