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