Shared Ownership Remortgage & Capital Raise

The Clients & Goal

• Clients: Sole applicant aged 41
• Goal: Remortgage with capital raise to staircase to 100% on shared ownership property
• Property Value: £565,000

The Challenge

• Employment: Client is a contractor with anew 12-month contract however had gap in contracting history of 3-4 months
• Income Complexity: Day rate contractor paid via umbrella company

The Solution

• Broker Expertise: Mark identified a Broker only lender that would authorise the case by overriding standard policy for the gap in contract history after discussing case directly with the lender’s underwriter & Business Development Manager
• Affordability: Lender policy allowed capital raise on remortgage up to 85% Loan-to-value whilst accepting term to be stretched up to client age of 75.
• Mortgage Detail: Approved loan 84% Loan-to-Value

The Outcome

• Term: 33 years
• Timeline: Approved Decision in Principle in 5 days; Mortgage offer produced 18 days after the full application.
• Client Comment: Thanks again for all your help with the  mortgage – it was brilliant! Couldn’t have done it without you.