Case Study:
80% of £1.15m for a recently self employed lawyer
The Requirement: Our Client was made partner of his law firm which resulted in him moving from an employed to a self employed basis. This scenario would have most lenders running for cover as many have a minimum 2 years self employed requirement on which they base their income multiples. Our client needed 80% ltv on a purchase of £1.15m.
The Solution: We presented the application to a lender who uses common sense rather than a computer to underwrite. We showed that the client had been employed at the firm for many years and demonstrated his income. This, together with a copy of his contract and evidence via the firms accountant as to what a partner with a similar shareholding would have earned in the previous year was enough to get the case agreed. We achieved 5 times income, the full 80% loan to value and a 5 year fixed under 4%.
The Broker: Hugh Wade Jones
