Achieving a High Street Mortgage with a Default Barrier

The Clients & Goal

• Joint Clients: A married couple (31 yrs old).
• Goal: Purchase their first home near Client 1’s new job location.
• Purchase Price: £261,000 (3-bed semi-detached).
• Deposit: 10% (Savings and Gifted).

The Challenge

• Credit History: Client 2 had a significant barrier: 7 recent defaults (last 24 months) and was repaying debt via a Debt Management Plan (DMP).
• Income Complexity: Client 1’s income was based on a new NHS Contractor role (starting soon) plus a second self-employed income.

The Solution

• Broker Expertise: Recognising a joint application would fail due to the recent DMP/defaults, Mark pivoted to a sole applicant strategy in Client 1’s name.
• Lender Selection: Mark identified a High Street Lender that accepted the complexity of Client 1’s contractor and self-employed income history.
• Mortgage Detail: The lender allowed Client 2 to contribute to the deposit and live in the property without being on the mortgage or title deeds, bypassing the adverse credit issue.