The client was a first-time buyer looking to purchase a £855k house with a small mortgage, giving him a low loan-to-value ratio on account of significant savings and a gift from his family. The client ticked all the requisite boxes and was a straightforward case; employed full time, low loan to income, no adverse credit, no outstanding debt, no dependents and low LTV, however, the complexities in the case were as follows:
- The client’s job had recently been significantly affected by coronavirus and the client had given up his salary for 4 months in return for an increase in shareholding in the business.
- The client was yet to return to work, although this was scheduled at the time of application.
Solution & lending facility
With access to every lender on the market and vast experience negotiating property finance of every kind, Private Finance’s expert brokers are equipped to find solutions to mortgage-related problems, even in the unique situations borrowers are currently facing due to the Coronavirus pandemic.
Our expert consultant was able to find a lender who was willing to accept the borrowers circumstances and meet their repayment objectives, with a 5-year fixed rate of 1.53% and the flexibility he requires to make over-payments – moreover, the client also received a cash-back offer for the lender for taking this particular product.
At the moment, lenders across the board are changing their lending criteria and coronavirus has added a huge amount of complexity to peoples incomes in certain situations – so now it is more important than ever to speak a consultant who can help you navigate this shifting market.