Our clients Faiza and Greg approached us looking for a large loan for a new house purchase they wanted to make. They needed to borrow £1 million on a property valuation of £1,460,000. Greg is employed, but also has some self-employed income and Faiza is self-employed, meaning they had a multiple range of income sources. In addition, both have experienced income fluctuations over the last 16 months or so due to the Coronavirus pandemic.

 

Many lenders are very nervous about lending right now, especially if they see recent income fluctuation and borrowers need to rely on their most recent month’s income to meet standard loan requirements on affordability. And they also aren’t always keen on using multiple income sources to meet affordability.

 

The challenges didn’t stop there, as the couple have several buy-to-let properties, which further tested affordability. 

 

But that didn’t stop us. We used our experience and market knowledge to find a high street lender who was willing to look at the case on its merits and, after significant amounts of negotiation, we managed to arrange the required finance on a highly competitive rate.