Successful mortgage application regardless of clients having a 1 year annual bonus with current employer

£1,350,000 borrowing achieved at 1.56%

Joint mortgage after clients unsuccessfully had previous purchases fall through, and settling on this beautiful Victorian property in the heart of London for £1,850,000.

Our client

Our husband and wife clients needed to borrow £1,350,000 in order purchase a lovely 4 bed terraced house they had found, and were desperate not to lose.

What was needed

It had taken our clients a couple of months to settle on this property after having various offers rejected and so it was important they got the financing for the purchase. The main income was from the husband who had recently moved roles and company and could account for just 1 year bonus with the current employer. This meant most lenders were apprehensive to lend, especially at that level of borrowing with simply a 1 year bonus track record with the current employer.

What was the challenge

Without the use of the annual bonus, the borrowing levels were impossible. This was because the clients also had their existing property that they were going to let and most lenders will not accept the rental income of a property that was just about to be let, unless it’s got at least a track record of six months onwards.

How we provided the solution

Paul Asare, Associate, discussed at length the details with a lender explaining the circumstances around the client’s change of job and within similar roles with a track record from previous employer of generous bonuses. The lender took a view on the case and decided to lend to the clients at standard rates without applying any premium. Once the lender agreed to lend, the offer was made a couple of weeks after the full application was submitted.

The clients were delighted at the outcome.

What was the rate

1.35% – 2-year fixed rate