Here at Enness we frequently work with clients that are, for all intents and purposes, categorised as “self-employed” – owners of their own businesses.
These individuals face a particular set of challenges when applying for a mortgage as they typically do not collect their income in a conventional manner.
We recently worked with clients that were shareholders and directors of a PLC. They required a self employed 2 million pound mortgage at high loan to value, more specifically 70%.
The business had only recently started generating the income required for the loan (tax planning also blurred the full picture).
Add to this exchange of contracts was set for 10 days from the day of their offer being accepted.
Our adviser pulled the whole case together and made sure they understood the whole picture before submitting to the lender.
This ensured that any question the lender asked could be answered immediately and documents were to hand.
The valuation was instructed within 2 days and a full offer was delivered in 7. Rate – Base plus 2.39% for 2 years.