Our client was employed as a graphic designer for several years. However, he had recently transitioned to self-employed and setup his own business.
He originally planned to wait a couple of years before purchasing a new residential property but due to falling house prices, he saw an opportunity to buy quicker than he anticipated.
The client approached us to see if we could source a mortgage based on 9 months of financial accounts.
We secured a market-leading 5-year fixed rate with a high street lender through their bespoke underwriting division. The bank was comfortable with the applicant’s track history as a graphic designer and we were able to secure the deal within 9 working days of application submission.
The vast majority of lenders require a limited company to be trading for at least 2 years before they can consider lending. Numerous specialist lenders can lend with just 1 year’s accounts but these options tend to be expensive when compared to the high street.
With this in mind, we approached a couple of high street lenders who can consider 1 year’s accounts to see if they would consider 9 months + future projections. We had a positive response from one lender who was happy to consider.
We produced a business case outlining the client’s considerable industry experience including a track record of previous earnings. Additionally, we provided an accountant’s certificate confirming the projections of the business for the next 12 months.
Based on this, the lender in question was satisfied that the mortgage was affordable and was happy to produce the mortgage offer subject to satisfactory valuation. Additionally, they were even able to conduct an instant, online valuation thus speeding up the process even further.
The loan was secured on a competitive fixed rate that was comparable to the best rates in the market from the leading high street banks. The clients were delighted and satisfied with the process. We look forward to assisting them in the future.