Bespoke residential mortgage for self-employed client

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Case profile

The client was looking to purchase a new main residence in the UK. However, due to his missed mortgage repayments and his employment history as a self-employed contractor, he found sourcing a mortgage a challenge.

He was residing in the UK on weekends but working abroad Monday to Friday. He had been late with several mortgage payments on his previous main residence, within the previous twelve months.

An additional challenge lay in the fact that up until the previous month, he had been working as a self-employed contractor and had. therefore, only been on a PAYE contract for one month. This meant that it was harder to prove that he met lenders’ affordability criteria as he would not be able to provide payslips as proof of income.

Solution

Using our expertise in arranging large and complex mortgages, we were able to source our client the lending he required. We took the time to evaluate the client’s circumstances fully and after conducting market research we presented the client’s case to a lender who was happy to take a view on his circumstances.

We identified a lender willing to overlook the recent late mortgage payments and take a holistic view of the client’s circumstances. They were also comfortable with the client working overseas during the week and returning on weekends. His track record as a contractor was also taken into account when assessing his income allowing him to meet the affordability criteria.

Although they were not able to offer the full interest only mortgage the client initially wanted, they were willing to lend 50% LTV on an interest only basis with the remainder on a repayment basis.

The client was happy with the solution we arranged and was able to purchase his new home.

You can read more about how to get a mortgage as a contract worker here.

Deal Highlights

Loan amount:£822,245
Rate:1.42%
LTV:75%
APR:3.53%
Term:19 years
Type:50% LTV (£547,500) on interest only and 25% LTV (£274,745) on capital repayment
Loan purpose:Purchase
Lender’s arrangement fee:£995
Early repayment charges:2% on year 1, 2% in year 2 of the loan amount

Notes

This case study is for information and illustration purposes only. It is not an offer, or suggestion of an offer. Each mortgage case is assessed on an individual basis and there is no guarantee that the solution described here can be repeated in the future.

Please note that this specific deal may not be available to – or suitable for – all customers, dependent on their individual circumstances. The rate quoted may become out of date at short notice and may not be available at the point at which customers enquire about it. This document may not contain all the information needed for customers to make a decision and they should seek advice.

Overall cost for comparison 3.53%APR representative variable based on 19 years at 1.42% and lender’s arrangement fees of £995. The actual rate available will depend on your circumstances. Ask for a personalised illustration.

Your home or property may be repossessed if you do not keep up the repayments on your mortgage. Changes in the exchange rate may increase the sterling equivalent of your debt.

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Your home or property may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it. Changes in the exchange rate may increase the sterling equivalent of your debt. You may have to pay an early repayment charge to your existing lender if you remortgage. Think carefully before securing any other debts against your home.  

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