Broker expertise secures mortgage after client’s own bank refuses income proof

£600,000 property purchase, 85% mortgage of £510 000 with an interest rate of 1.9%

Property built on former petrol station site normally barrier to mortgage lending

Our Client

The client was a lawyer who’d been with his firm for 4 years and owned a 1% share in his law practice. He took his earnings as “drawings” rather than salary or dividends, which is common in Limited Liability Partnerships.

What was needed?

The client needed to evidence his income with documents other than a pay slip or tax return, to secure a mortgage for a property he was eager to purchase.

What was the challenge?

The client had approached his bank and discussed mortgage options with them, but they would not offer him a mortgage because he was unable to evidence his income with payslips or tax returns.

The only paperwork the client could use to substantiate his income was a Partnership Tax form and a letter from the Finance Director of his firm.

There was also an added complexity. The property the client wished to purchase was built on an old petrol station, which is a complication that some lenders are uncomfortable with when assessing a property for a mortgage.

How we provided the solution

Jerome Fick Executive Director, ascertained his client’s mortgage goals and understood what was required, taking into account the complications around his client’s case.

Jerome researched the mortgage market and using his expertise and knowledge, identified a lender who accepted the Partnership Tax form and Finance Director’s letter as evidence of income, and agreed to lend on a property built on the site of a former petrol station.

The client was delighted when the mortgage offer was issued.

What was the rate?

The interest rate was 1.9%