Case overview:
Clients: First time buyer professional mortgage
Property value: £230,000
Loan amount: £184,000
LTV: 80%
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Our case
A first time buyer professional contacted SJR Mortgages with the goal of purchasing their first home. Due to a promising position that came available, the client recently left her permanent position and accepted an 11-month fixed term contract with a new employer.
The dilemma
Mortgages are often spread over 25-40 years to keep the repayments affordable. Therefore, with fixed term contracts, mortgage lenders need to feel comfortable that the client can remained employed throughout the entire mortgage term. A common requirement would be a minimum of 12-months contracting history or 12-months remaining on the current contract to consider offering a mortgage. As the client had no contracting experience and under 12-months remaining on her contract, they were unable to find a mortgage lender that could help. This was causing tremendous stress as they had seen the perfect property and did not want to lose out.
Our solution
Samuel spoke with lenders that could take a common-sense approach to this case. By painting a full picture of the application, showing that the client had experience in their industry and emphasising the multitude of future job prospects, Samuel managed to get this case agreed. The client was delighted to raise the finance needed to purchase their dream home.
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