CASE STUDY #1
- HMO BTL Property
- Self Employed with depreciating profits
We had a client who wanted to re-mortgage to release capital to fund extensive home improvements. The property in question was a BTL HMO (House of Multiple Occupancy) and our client was self employed. His income had decreased between trading years so we could only utilise his latest years figures.
He wanted to raise the maximum amount possible and given all these factors along with the added perplexity of the property now having an established Communal area which is a requirement from the majority of HMO Lenders, the market availability was restricted.
Upon carrying out research and taking into account our clients goals and objectives, we sourced a mortgage with Precise Mortgages at an 80% LTV, enabling our client to complete the home improvements required.
CASE STUDY #2
- Gifted Deposit
A young professional couple who had both recently started new jobs were looking to get onto the housing ladder for the first time. They had only been in their current employment for 4 and 5 months respectively and were also using a gifted deposit from parents.
They had found their dream property and had an offer accepted at the asking price.
The couple approached us to assist them after visiting their own bank and being told it would take 2 weeks to arrange their initial mortgage
We were able to source them a competitive mortgage with a lender who were able to produce a mortgage offer within 5 working days so to not delay the purchase chain.
CASE STUDY #3
- FTB family purchase
- Relative remaining in the property
- Latest years self employment figures available
Our joint clients had been offered the opportunity to purchase their first property. They were buying a share in a family property with one of the client’s father gifting them his share of the equity. He was also going to be remaining in the property post completion with the clients.
In addition to this, the main income earner had only been trading 2 years with his first year’s figures being relatively low due to it being a new business. His latest year’s figures were a realistic picture of his earning potential.
We needed to find a lender who would be happy with the father remaining in the property even though he would have no financial interest along with accepting the latest years tax assessments for income proof.
Upon carrying out our research, we found a competitive solution that would allow our clients to purchase the property as well as using his latest income figures and complete the mortgage in a timely manner.
CASE STUDY #4
- Property purchase
- Restoration Project
Our clients had the opportunity to purchase a property which was to be taken on as a restoration project post completion.
The property was an end terraced cottage which had been given a Zero valuation figure in the initial valuation assessment until further reports had been obtained. There was no ongoing chain and even though no formal exchange/completion date had been set by the sellers, it was apparent that they wanted a quick sale nonetheless.
We needed a lender who would be happy with this type of property and the substantial level of work needed.
Upon completing our research, we found a competitive solution which upon submitting reports to the appointed valuer to obtain the “after works” figure would allow our clients to purchase the property with no retention from the lender.
CASE STUDY # 5
- UK Nationals based in India
- UK BTL purchase
Our clients are UK Nationals based in India. They wanted to utilise the UK economy and purchase a BTL property in the UK.
We needed a lender who would be happy with the client’s residency and employment being in India but at the same time offering a competitive solution.
The clients had also been given a 28 day exchange on the property which they had found to purchase.
Upon completing our research we found Natwest International to be the most competitive solution for our clients. Along with their “hands on and common sense” approach to mortgage lending, we were able to get a mortgage offer issued within the timescales given.
CASE STUDY # 6
- Consumer BTL (Consent to let previously obtained)
- Tenants in-situ for less than a month
- No onward purchase taking place
Our client had obtained a consent to let on his residential property back in May 2016 from his existing lender. He now wanted to switch to a more competitive buy to let rate but was not completing an onward purchase as he had moved in with his fiancé.
Upon completing research we found Royal Bank of Scotland were happy with this lending scenario and offered the client a competitive solutions that met his needs and requirements.
CASE STUDY #7
- Residential Re-mortgage
- Generous Income multiple required
Our clients current benefit period on their existing mortgage had come to an end and they wanted to explore their options and take a more competitive rate.
Applicant 1 had been in his current employment position for 6 months and applicant 2 was a supply teacher receiving income from 3 difference sources – however, these sources of income were sporadic and non-consistent.
We needed a lender who would offer a generous income multiple and look at overall affordability.
Upon completing research, we looked at numerous lenders but each wanted to restrict their overall lending amount. We found a lender who offered our clients the required loan amount taking into consideration their overall affordability.