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4.97 out of 5 based on 2,400+ reviews

Mortgage Approved With Only 10 Months Limited Company Accounts

  • June 20th, 2024
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Rated 4.97 out of 5 from 2,400+ reviews

Confident young male florist, owner of small business flower shop. Holding potted plant outside his workplace. He is looking away with smile. Enjoying his job to be with the flowers. Small business concept

Our Client’s Background

The client was looking to buy a property but had been turned away by several traditional banks due to their complex financial situation. The complexity arose from the client’s short history of running their own limited company – only 10 months – which presented significant obstacles in securing a loan from traditional lenders.
Most require 2 to 3 years of experience running a limited company before considering a loan application. Additionally, the client had not drawn any income from the business and had not yet submitted a personal tax return due to not completing their first full year of business.

Moving Beyond Facts And Figures To Justify Complex Loan Applications

Having been turned away from several standard lenders previously, our Private Finance consultant identified that this type of case would be suitable for a specialist building society, known for their flexibility and willingness to take a more manual approach to lending decisions. These types of lenders often consider the broader context of a borrower’s situation rather than strictly adhering to rigid criteria.
Our consultant worked closely with the client’s accountant and the client themselves to construct a compelling narrative to present to the lender’s credit committee and justify why the loan was sustainable. The narrative included:
  • Demonstrating the profitability projections and ability to draw future income.
  • Presenting previous P60s from the client’s employed work, indicating the potential for future income if necessary.
  • Emails and documents from various professional contacts to evidence ongoing projects for the next 12 to 18 months.

The Solution

Thanks to the detailed and well-supported application prepared by Private Finance and the client’s accountant, the building society approved the loan allowing the client to proceed with the buying the house.
This case study highlights the importance of flexibility, personalised service, and strong relationships with a diverse range of lenders, including small building societies only a very small handful of UK brokers have access to. These types of cases require justification for the loan, moving into more depth than just the facts and the figures.

If this scenario resonates with you or you’re seeking personalised mortgage advice for another situation, please get in touch — we’d be happy to see how we can help. Call us on 0800 652 0971 or email info@privatefinance.co.uk.

Disclaimer: The information presented in our case studies is intended for illustrative and marketing purposes only. Some case studies may be based on multiple enquiries or hypothetical scenarios to demonstrate typical processes or outcomes. Not all case studies represent completed business transactions, and the inclusion of a case study does not imply that the business was successfully concluded.

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