Key requirements: – • A lender comfortable using the client’s fixed-term contract. • A lender comfortable with using payslips from an umbrella company. • Borrowing at up to 70% LTV. • Ability to add the lender’s arrangement fee to the mortgage.
After sourcing the mortgage market, we identified a lender who would agree to our client buying at 70% LTV, basing affordability on his fixed-term contract and payment via an umbrella company.
The application process: To support the mortgage application, the client supplied us with evidence of his fixed-term contract and income, as well as proof of identity. We were delighted to inform our client that the lender had issued a formal mortgage offer for the full amount requested.
Property value: £875,000 Loan amount: £614,499 LTV: 70% Rate: 1.1.9% fixed for two years Lender product fee: £1,999 added to the loan Monthly payment: £2,369.11