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A week before exchange of contracts my mortgage was declined by my lender

A week before exchange of contracts my mortgage was declined by my lender

11th December 2014

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 had a client who is a corporate lawyer working for a large American Law firm. The client is classed as an equity partner, responsible for her own tax and was renumerated by invoicing the law firm.  Her partner is a fitness instructor on a part employed, part self-employed basis. She promised a loan by her bank on a property in Putney of 70% of the property value. The client also has a rental property in the background which is self-funding and mortgagedl.

A week before exchange of contracts her bank declined the loan, Curchods Mortgage Services were asked to step in at short notice to try and salvage situation, as the client now feared losing the property.



Knowing that this type of case would be best served by using a lender with a specialist large loans team, who would understand the nature of our client’s income and also provide market leading interest rates, I spoke to a large loans department.  We ran through the employment structures and documentation needed to support the application i.e. SA302s, confirmation of accountant details to write for reference and a letter from the employer confirming remuneration package of guaranteed earning along with share of profits. On gaining the lender’s agreement, the application was sent across to the client's bank who produced a mortgage within 10 days, which meant that the property purchase succeeded and this resulted in very happy and relieved clients.