Home move success with 18 months of trading

The Clients & Goal

• Clients: Husband & Wife aged 35 & 34 respectively
• Goal: Looking to move home to a bigger property with potential to extend for growing family.
• Purchase Price: £360,000
• Deposit: £125,000

The Challenge

• Income Complexity: Mr had started new builders’ business in last 18 months with a partner so could only provide one-year accounts with a 50% share of the profit. Mrs works full-time and receives child benefit for their one child.

The Solution

• Broker Expertise: Mark identified that clients could access a High Street lender that would assess affordability with first year accounts due to client having previous industry experience in the building trade alongside an established full-time permanent position for Mrs with both clients having a good credit history and a sizeable deposit available.
• Affordability: Lender accepted term to age 70 meaning the monthly payment stayed within the client’s monthly budget with a very competitive product rate.
• Mortgage Detail: Approved a 65% loan to value mortgage

The Outcome

• Term: 34 years
• Timeline: Approved Decision in Principle in 24 hrs from receiving requested documents from clients; Mortgage offer produced 10 days after the full application was submitted.
• Client Comment: We are very happy with this offer.