Self Employed Mortgage Despite Short Trading History

THE SCENARIO

Our clients approached us wanting to purchase a property worth £1.35 million for which reason they needed a self employed mortgage despite short trading history.

The clients jointly own a media agency in London which had been trading for 3 years but only recently started showing large profits, as is usual with start ups.

Most lenders base their income multiples on an average of the last 2-3 years trading figures. We approached a lender who would base the loan on the last year’s income and a projection for the current year backed up with management accounts. The clients could show a long track history in their sector and strong client bank to further support the application.

The B

OUR SOLUTION

The Loan to Value was good and apart from the comparably short trading history there was nothing wrong with the case. We therefore managed to achieved 1.89% over Base for 3 years with no early repayment charges.

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