Our Case Studies
Our Case Studies Large mortgage arranged for client with no taxable income

Large mortgage arranged for client with no taxable income

Need a large residential mortgage? We have the banking contacts to provide a tailored solution where other lenders may not be able to help. To discuss this or any other large or complex mortgage case, please contact us on 020 7519 4984 or email us.

Case profile

Our client wanted to purchase a new main residence. However, due to the method in which he earned his income it was highly challenging to find a lender willing to take a view on it.

The client was a professional sports trader whose earnings were derived from electronic bets made on betting exchanges for various sporting events.

Although the client had over 7 years’ trading history, all the earnings from such activities were not liable for income tax as they were classified as ‘bets’ by the HMRC. As such, no formal trading accounts existed that reflected the client’s total annual earnings, which were in excess of £400,000.

The lack of taxable income accounts, and the nature of the client’s work meant that vast majority of lenders were not willing to lend to the client.

Solution

Through our considerable range of private bank and niche lender contacts, we were able to source a bespoke solution from a niche lender that was prepared to accept that the client’s gross income was required.

The client was required to submit substantial betting trade account history, bank statements, and an accountant’s letter, as well as showing a positive balance on his savings accounts at the end of each month.

We secured excellent terms for the client, who was very happy and able to proceed with the purchase of his new home.

Deal Highlights

Loan amount:£665,000
Rate:3.99% fixed rate for 5 years
LTV:70%
APR:Overall cost for comparison 5.10% APR representative variable
Term:25 years
Type:Capital Repayment
Loan purpose:Purchase
Lender’s arrangement fee:0.75% of loan amount
Early repayment charges:3% of loan balance for first 4 years and 1% in year five

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 5.10% APR representative variable based on 25 years at 3.99%. Lender’s arrangement fee of 0.75% of the loan amount. 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.

Return to Our Case Studies

Latest Articles/News

Case Studies

Owning a home abroad is a dream for many, but there can sometimes be comple…

Latest/Related News

It could hardly be a shock to anyone today that the Bank of England chose t…

Press Release

On Friday 14th June 2019, largemortgageloans.com was thrilled to be crowned…

Press Coverage

London’s prime property market picks up despite Brexit uncertainty…

LML Brochure

Download our brochure to find out more about largemortgageloans.com and what we can offer

Click to Download

Sign Up

Subscribe now, to hear from us on the latest mortgage market news, products and services.

Client Testimonials

Close

Live chat with
our team now

Chat

LargeMortgageLoans.com