Our clients' situation
Our client was a first time buyer with a main employed income and some additional self employed earnings from his freelance business. He had already obtained an agreement in principle from another broker based solely on their employed income. However, that agreement didn’t factor in the property’s service charge, and the client discovered this only after making an offer. When concerns arose about the true lending amount — and whether the agreed purchase was still viable — the client was referred to Alexander Hall for clearer guidance and a more accurate assessment.
Alexander Hall's solution
After reviewing the case in detail, we calculated that the client’s maximum borrowing would be lower once service charge and ground rent were correctly included in the assessment. We also identified that a lender was due to introduce more favourable income multiple criteria within the following week. This change would allow consideration of both employed and self employed income — something the previous broker had not factored into their recommendation. Once the updated criteria were launched, we completed a new affordability assessment which passed at the projected level, giving the client the borrowing uplift they needed to keep their purchase on track — with all property costs properly accounted for this time.
With a fully verified affordability assessment, the client was able to continue confidently with their purchase. By considering both income streams, ensuring property costs were accurately included, and being aware of criteria changes ahead of time, we supported the client in moving forward with a suitable option that aligned with their circumstances.
To talk to one of our advisers about your mortgage needs, call us on 08000 38 37 36 or book an appointment today.
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