One applicant was employed and the other was a self-employed newly qualified dentist.
The self-employed applicant did not meet traditional self-employment criteria of standard 2 years track record or a contractor’s criteria as terms of the employment were based on a unique UDA contract with no previous experience of working a contract of this value.
Prior to receiving this full contract, the client only had a training contract and no tax returns to evidence income received.
We managed to get the intermediary arm of a major high street lender to approve lending in principle based on the value of the new full contract even though the client had only been 1 month into this contract at this income level with only employer payslips...
Neil lives at home with his parents. He is employed and has a well-paid job.
Neil’s parents have an interest only mortgage on the house they live in. The term is due to come to an end in 5 years. At this point the whole mortgage will need to be repaid in full.
One of the options would be for his parents to move to a repayment mortgage. However, the term is not long enough as the payments would be too high as they are close to retirement.
Neil can help with the mortgage repayments financially but did not know how he could manage this, with his parents being able to live in the property, as he was not on the deeds as a legal owner.
We were able to re-mortgage the property by completing a concessionary purchase.
We were approached by Ella, who owned a large house that she rented out. Ella had built up significant equity in the property over the years and now wanted to take some of this equity out. She contacted her current lender and applied for a further advance, however, after valuation it was declined. They had deemed the property to be unsuitable for lending on as they didn’t offer lending on HMO properties.
As the property was near a station and a university; after renting it out to families for several years, she decided to convert the property into a HMO; as she would be able to achieve more rent by letting out the rooms individually. She had been with the same lender since she purchased the property and continued to pay her mo...
Date completed: 30th January 2021
Loan amount: £475,000
Location: West London
Our client had outgrown their current office & warehouse, which they had been renting. It was time to look at a new home with more storage space and enhanced meeting and office area. The business was well run and the projected revenue for the firm was very positive.
We were able to find a lender that understood how the business would scale upwards once the new premises were acquired. They were keen to support the funding needs by providing a loan that considered expected growth.
The application process was smooth, as all supporting documents had been made avail...
Sean Williams is a Director for a well-known marketing company. One of their employees, Derek Smith, was a valuable member of the team and drove up the company profits over a number of years. His skills and knowledge were vital to the success of Sean’s company.
Overnight everything changed drastically for Sean, when 54-year-old Derek suffered a fatal heart attack leaving behind not only his family, but the future of Sean’s business in jeopardy.
The company employees were in shock and it was a struggle to pick up morale. Sean was facing a difficult challenge and it was unclear whether the business would recover.
Sean recalled the advice a...
Earlier this year 39-year-old Craig, felt dizzy and fell off a ladder while cleaning his windows, fracturing his foot.
His partner Bel took him to the hospital where they treated the fracture. Following a series of questions about Craig's symptoms recently, the consultant decided to run some precautionary tests.
Craig was a little nervous with all the blood tests and invasive scans, as he believed they were unnecessary. The couple were invited to meet with a consultant and were devastated with being told that Craig had Bowel Cancer.
They left the meeting with the realisation they had to quickly prepare themselves for the challenging journey ahead.
Craig was informed that he would need surgery within weeks and may also re...
Sandra’s husband died from a brain tumour 5 years ago before they were both 40, leaving behind his distraught wife and two teenage daughters, Tina and Rianna.
Her husband did not have any life cover in place and luckily, her own family had enough money to help with the mortgage payments and assist her and her daughters financially and emotionally.
Unfortunately, Sandra’s mother died a few years later following a short illness and then a few months later in the same year, her father unexpectedly passed away so the family was really going through a difficult time.
Sandra was also very close to her two aunts who tragically died within that same year in a car accident. For Sandra and her daughters, 2019 was a very difficult ye...
After finishing her education, Simi was fortunate enough to land a job, where she was able to work hard and save enough, to consider buying her own home. Simi wasn't sure how to go about this.
She met with one of our Advisers who explained the process to her.
Our Adviser also spoke to her about the various protection plans available to her. Simi had seen advertisements and promotions about financial protection but never given it any further thought. She wanted to know what was available and suited to her current budget and needs, especially as her mother and siblings were dependent on her financially.
If her parents had planned ahead and taken out some financial protection it would have made her family’s life a lot easier....
Tom and Jane are homeowners and have lived in the same property for 10 years. The house was now too small for their growing family and they wanted to move to a new larger house.
They had built up a significant amount of equity in the property and ideally, they wanted to keep their current residential property and let it out as a long term investment. However, they did not think it would be possible as they wanted to use the equity towards the new purchase. Following a conversation with one of our advisors, the couples income sources and expenditure were reviewed and a mortgage lender was sourced. Tom and Jane were able to keep their existing property and purchase their dream home.
Please note, that the case study ...
Applicants were self-employed directors of a care home and had only been trading for 2-years.
They made a small profit during the first year, but this was due to not having to pay any corporation tax for that year.
Second year profits were considerably higher and in order to maximise the borrowing, a lender that would use the latest years profits + directors salary + latest years profit from land and property was required.
Mainstream high street lenders had declined the application at a time when market conditions were uncertain due to Covid-19. The lenders stance was that the first year profit was only there because no tax had been paid, hence they decided to decline the case.
At a time when no other lender was gettin...