Case study one
Mr S is an EX-PAT living and working in Oman and wished to buy a second residence in Hertfordshire, to reside in when visiting the UK. Mr S was a partner in a law firm, so is classed as self-employed and was paid in Omani Rial. Oman is known for its tax breaks and therefore there were no tax returns f to evidence income. We secured Mr S a 2 year fixed rate mortgage of 1.39%, which was market leading.
Case study two
Mr W aged 73, had a mortgage with Halifax which was coming to the end of the mortgage term. Halifax were requesting repayment in full and payment was due in the next 12 months. Mr W approached Halifax directly to extend the term, however, they were not interested in understanding his income structure and insisted the loan be repaid. We secured Mr W a 5 year fixed rate of 1.65% on a mortgage term taking him to his 80th birthday. This was an exception made with a high street lender to their standard lending criteria.
Case study three
Mr C is self-employed and was looking for a high value mortgage. Mr C, like many business owners, draws a salary and dividends from the company, although this is not always representative of how much the company actually made. This is known as retained profit, where the company made more profit than the directors drew down that year. Most lenders will only recognise the salary and dividends that were drawn by directors, not how much the company made. We secured a 2 year fixed rate of 1.45% with a high street lender based on the retained profit for the company.