Case overview:
Clients: ST6 Doctor and Self-Employed Doctor
Property value: £545,000
Loan amount: £463,250
LTV: 85%
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Our case
I was referred clients who spoke to a previous broker and were £30,000 short on affordability. I was tasked with finding a lender that could get them the increased borrowing and save the reservation fee going to waste. This was their ideal family home.
The dilemma
The previous mortgage broker told the clients that they had checked all lenders and they were £30,000 short on how much they could borrow. They came to SJR Mortgages for a second opinion and due to paying the reservation fee, I was pressured with finding something that may not have been possible.
Our solution
Through in-depth analysis, I sourced a mortgage lender that could use the most recent year self-employed income, additional Doctor income and an increased overall multiple of the income to achieve the required loan amount. This meant the clients could proceed with the purchase and secure a competitive mortgage product before the rates rose.
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