Mortgage for newly self-employed client
David and Kate needed to move because David had been offered a new, senior, position with his employer.
David and Kate had found a property and were looking to purchase at £850,000, requiring a mortgage of £470,000.
As part of his promotion, David’s employment status changed from employee to Partner within the firm. This, effectively, meant that he was now being treated as a new self-employed individual without any accounts. He received a fixed income of £105,000 per annum as an Equity Partner salary.
After making detailed enquiries on behalf of our clients, FOCUS was able to negotiate with a top 5 lender so that they could agree to the new salary format. This allowed our clients to move house in time for the new academic year.
David and Kate were able to effect the mortgage on a market leading, fixed rate for 5 years thus providing them with security in budgeting following the change in David’s employment and income status.