Client needing to use 100% of 3 multiple income sources to achieve loan value.
Seeking a mortgage of £263,000 on purchase price of £295,000 so 90% LTV.
Other brokers unable to find lenders to assess 100% of income from multiple sources.
The client was an accountant and property investor with a complex income, who owned six Buy to Let properties and was looking to purchase his first residential property.
What was needed
The client needed a 90% loan to value mortgage of £263,000 to purchase his prospective residential property at £295,000.
(The LTV is the ratio between the value of the mortgage and the value of the property. This is important because it is an element applied when assessing lending risk that lenders consider before approving a mortgage.)
What was the challenge?
The client had three separate sources of income: rental income from all six Buy to Let properties, income from self-employment as a sole trader, and income from employment. The client needed a lender who would consider 100% of all income sources.
Before approaching Rose Capital, the client was previously working with other brokers, but they were unable to find a lender who would consider 100% of all three sources of income and the loan value they recommended was much lower than the client’s expectations.
How we provided the solution
After speaking with the client and assessing his mortgage needs Joanna Ziou, Associate, through her experience and lender contacts, immediately knew which lender would consider 100% of all three income sources.
In addition to identifying a lender who would consider this type of complex income, Joanna was able to agree a higher loan value than the client had dared to hope for at 90% LTV.
After so many false starts with other mortgage brokers, the client was absolutely delighted with London Mortgage Broker Rose Capital’s approach, and in particular with mortgage broker Joanna Ziou’s expertise.
What was the rate
The interest rate was 2.29%.