First-time buyers with complex income, set to lose their property without expert help.

1.43% mortgage interest rate.

£224,000 mortgage to purchase £280,000 property.

Our clients

Our clients were a married couple, First-time buyers with complex income, who had found the property they wanted to buy. They’d had an offer accepted, and wanted to secure their mortgage offer as soon as possible. The broker they were using originally was unable to secure the funding they needed and because of the delay they were in danger of losing the property.

What was needed?

The wife of the couple was on maternity leave so they were looking for a lender who would consider the income she earned before she went on maternity leave. In addition, she was a non-UK national with a visa, which does not always meet the criteria for some lenders. The husband was self-employed so wanted to find a lender which would accept his financial circumstances and offer the level of borrowing they required. This had to happen quickly as the vendor was becoming impatient and was considering putting the property back on the market.

What was the challenge?

The choice of lenders was more limited because of the complexities of the situation for both husband and wife. A lender needed to be found quickly who would consider the combination of self-employed income, pre-maternity-leave income and one of the two as a non-UK national.

How we provided the solution

Paul Asare, Associate at Rose Capital Partners, researched the market in depth and found a lender who would consider the couple’s situation. Paul became deeply involved in the whole operation, guiding the couple through the First -time buyer process step-by-step to a successful conclusion.

He advised the husband of the couple on the precise documents he would need to supply to the lender for approval. Paul liaised with the client’s accountant to ensure the correct documents were quickly supplied to the lender in the correct form.

To ensure the couple didn’t lose the property, Paul got involved, spoke to the Estate Agent and persuaded them to convince the vendor to give the couple more time to complete their mortgage application.

Financial Protection

Paul was also concerned that their financial situation should be protected. The couple had a new-born and a 3-year-old child, and any loss of income would mean they would not be able to keep their home, with catastrophic consequences for their family.

Paul researched the protection options and selected an insurer who offered both Life and Critical illness cover to the full value of the mortgage.

The couple were delighted that they were able to secure the home they wanted for their family and that they had financial peace of mind for the future.

What was the rate?

The rate was 1.43% with a £999 arrangement fee.