We were approached by a client who wished to purchase a new family home with his wife and 2 children.
The property was on the market for £600k in North London. The client was aware that the property was very dated and in need of extensive modernisation. Applicant one was a senior surveyor for the local council and was aware of the extent of the renovation required.
The client required a loan of circa £310k on an interest-only basis. He wanted a 2-year fixed rate product as he planned to re-mortgage once the renovations have been completed.
Applicant 1 was a contractor however his contract did not specify a term, or the number of hours worked each week making it difficult for lenders to establish his income. We approached a lender who could calculate the client’s income based on the invoices and bank statements produced.
His wife managed the couple’s property portfolio and in doing so took all profits in her own name.
When the valuation was undertaken by the lender, the case was declined as the surveyor had decided the property was un-habitable. After consulting with the lender and the client, the lender agreed to proceed with the case and ignore the surveyor’s comments due to the level of experience the client had in his field and his position within the council.
We secured the client a sub 3% rate for 2 years.