Professional Day-Rate Contractor and GP Buying a Family Home

The clients: Our clients are a couple buying a family home. The husband is a professional day-rate contractor, while his wife is a GP. The case was not straightforward as we required a specialist lender offering a contractor mortgage, basing income on the client’s day rate rather than salary and dividends. We needed a lender who would use the best possible formula so that our clients could borrow the required amount. We also needed a lender who would be happy with the clients’ overseas property in Jersey in the background.

Numerous lenders were sourced but this deal required specific criteria and took a lot of research to identify a suitable lender.

Key requirements: –

• A lender comfortable with one of the clients being a professional day-rate contractor, who was prepared to base the client’s income on that day rate, rather than salary and dividends, when calculating how much they could borrow. • A lender happy with the Jersey property in the background. • 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 clients borrowing the required amount of £425,000. The clients also requested that the lender’s arrangement fee was added to the mortgage, which the bank agreed to.

The application process: To support the mortgage application, the day-rate contractor supplied us with evidence of his fixed-term contract. His wife also supplied evidence of her income, and both provided proof of identity. We were delighted to inform our clients that the lender had issued a formal mortgage offer for the full amount requested.

Property value: £825,000 Loan amount: £425,999 LTV: 51% Rate: 1.28% fixed for two years Lender product fee: £999 added to the loan Monthly payment: £1,660.04
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