£595,000 Complex Income

Our client – an accountant who owns a professional services business jointly with an overseas parent company – wanted to purchase a property in Kent for £795,000 using a 25% deposit. He needed a loan of around £595,000 (75% loan to value ratio). Perhaps not surprisingly, once he had his offer accepted on the property, he visited his own bank to arrange the mortgage.

Five weeks later his bank was still considering his application and the vendor of the property was getting nervous. At this point, the vendor’s estate agents Jackson-Stops stepped in and referred him to Private Finance to get the transaction back on track.

The issue that had stopped our client’s own bank from lending to him was the fact that he has a number of sources of income, including money paid into his company by the overseas parent company. His accounts are more complicated than an employee paid on a PAYE basis but this actually means he has more disposable income with which to service his mortgage. Unfortunately, many high street banks are either unable or unwilling to spend time understanding self-employed or entrepreneurial applicants who have several sources of income which cannot be proved by simple payslips and P60s.

Our client needed a bespoke mortgage solution; he just didn’t realise it until his bank let him down. We found a private bank who – after two meetings where one of our experienced professional mortgage brokers presented our client’s case to the bank’s underwriting team – understood the tax efficient way in which our client had been advised by his accountant to receive his income. They took the decision that our client could service the £595,000 loan based on his accounts and financial records.

This meant that our client did not have to drop out of the purchase transaction and lose his desired property.

Lending facility
A £595,000 discounted variable rate mortgage, based on a £795,000 valuation, was negotiated at a rate in line with some of the best available in the market.

The client was extremely happy with this outcome and relieved that he had been introduced to Private Finance when his own bank failed to deliver. In a further development, having lost confidence in his own high street bank, he also moved all of his banking requirements to the private bank.


© Private Finance Limited, 2019. Private Finance provides independent mortgage advice and arranges individual mortgage solutions for clients. Private Finance is a trading style of Private Finance Ltd, 29 Lincolns Inn Fields, London, WC2A 3EG, registered in England no. 3855776 and its Appointed Representatives. Private Finance Limited is authorised and regulated by the Financial Conduct Authority (FCA registration number 310566).

Private Finance Ltd is rated 4.94 stars by Reviews.co.uk based on 506 merchant reviews

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506 Reviews
Very good personal service with good rate secured. I would not hesitate to recommend using this company.
Private Finance has been one of the best overall experiences I have ever had from a client perspective in any sector. Jason is professional, courteous, knowledgeable, prompt and very astute, going long beyond the call of duty. Every time his services are required the entire process goes by effortlessly upon my part, I have complete trust and confidence in him. I cannot recommend him or Private Finance highly enough.
We've been clients of Private Finance for five years and cannot rate their mortgage service highly enough. Adept at finding finance at the best rates for multiple properties. They simplfy the process considerably for us, ensuring hassle-free remortgaging. We do not go turn to anyone else now knowing that we can trust them to find us the best deal.
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