Case Study
Richard Barham, supported by Amy Schofield, secured a £125,000 second charge term mortgage for a client’s residential property. The loan was arranged at 40% LTV on an interest-only basis, with a rate of 8.64%. From submission on 2nd July to completion on 18th August, the case progressed smoothly, including a full property valuation.
The funds were used for two main purposes: £63,000 went towards paying private school fees upfront, and £62,000 was invested in home improvements. These included converting an unused cellar into a home gym and redesigning a wine cellar with bespoke racking.
A key factor in getting this deal over the line was our approach to affordability. The client is self-employed and had not yet filed their latest accounts. Where many lenders wouldn’t consider projected income, we were able to use the accountant’s forecast for the current year to demonstrate affordability – a practical solution that met the lender’s requirements.
This case highlights how flexible thinking and close collaboration with professionals can make all the difference when dealing with complex income scenarios.
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