Helping a restaurant owner secure their first mortgage during the COVID-19 crisis

Image of Helping a restaurant owner secure their first mortgage during the COVID-19 crisis.

The UK hospitality industry is larger than the automotive, pharmaceutical and aerospace industries combined[1] and the effect of the global pandemic on this sector has been well documented. Unsurprisingly, it has led to lenders being more cautious when considering applications from individuals working within this sector.

Case profile

Our clients were a couple looking to buy their first home for £550,000 with a 15% deposit. This case is a prime example of many client situations, where we are approached by clients looking for a relatively modest loan but incredibly specialist circumstances. In these cases, it’s highly unlikely our clients can find a solution in the mainstream market. Hence, their need to work with a specialist team.

One of the clients was a restaurant owner, with the establishment just emerging from the first national lockdown. The other client was an aid worker based in Africa for 90% of their time and their earnings were paid in USD, which not all UK lenders will accept.

Solution

Our expert team found a lender who could treat both clients as UK residents, despite the length of time spent overseas. They also accepted the USD income. When it came to the restaurant business, the lender was happy to look at the returning income of the establishment and base their affordability criteria on this figure, together with the previous performance of the restaurant.

The clients were offered an 85% LTV, five-year, fixed rate mortgage at a fantastic rate and have happily settled into their first home together.

If you’re struggling to find a mortgage on the mainstream market, talk to the experts in large and specialist finance. We have access to solutions you just can’t find on the High Street and we take a bespoke and tailored approach to every single client case.

[1] https://www.pcrllp.co.uk/blog/230-coronavirus-and-the-hospitality-sector

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