Having only one years trading accounts is stopping me securing a mortgage23rd February 2015
This case study is for illustrative purposes only and does not constitute advice.
Your home may be repossessed if you do not keep up repayments on your mortgage.
I was approached by a client who has had discussions with his bank and also another mortgage consultant. He was told by both of them that with only one years trading and accounts then he would struggle to find any mortgage lender willing to lend to him.
He was directed towards one lender that ‘may’ look at the case, however this was declined on affordability due to the fact that he was paying a large school fee each month. This reduced the lending down to below half of what the client required.
With only one year's trading behind our client, the traditional approach to securing a mortgage was not being successful for our client. Curchods Mortgage Services were able to get our client an offer within 5 days of talking to us.
I discussed the case with several lenders, as we are a whole of market mortgage adviser, meaning that we are able to deal with all lenders who are able to deal with Intermediaries. In particular, one lender that I felt would suit this client.
Speaking to an underwriter, along with the client’s accountant, we were able to obtain a letter confirming the client’s projected income for the upcoming year as well as a P60 from his previous employed role, indicating his experience in the industry.
The case was agreed by the bank and we were able to take the client from mortgage application to offer within 5 days.
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Tony Sexstone, FPC 123, CeMap