My income structure has changed – can I still complete my remortgage?

My income structure has changed - can I still complete my remortgage?

When dealing with entrepreneurs, we are aware that their situations can be ever-changing, and they need their finance to flex to reflect these changes. It’s not always an easy task, but our experience in dealing with private and mainstream lenders is what sets us apart in being able to achieve specific and specialist mortgages for our clients.

Case profile

In our recent case, Consultant Devraj Ray was working with a client who has owned and sold a number of businesses. Our serial entrepreneur client was running a company which had transferred ownership to a private equity firm. However, our client decided to take back the company’s ownership right in the middle of an application to remortgage their residential property, valued at £2.5m.

Solution

Dealing with a change in the client’s income structure was complicated and required extensive communications with the lender, one of the world’s most prestigious private banks. Having explained the situation to the bank’s decision makers, we were able to provide several supporting documents to show the business’s pipeline of upcoming projects, as well as prove the client’s long and short-term income. On receiving and considering this information to back up the application, the team at the private bank were happy to sign off on the remortgage and our client was delighted to complete the deal.

We specialise in finding finance solutions for people with specialist or challenging circumstances. If you might benefit from our help, don’t hesitate to get in touch.

Your home or property may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it. 

You may have to pay an early repayment charge to your existing lender if you remortgage.

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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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