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Self-employed couple with 1 year’s accounts get mortgage on first home

We were approached by a newly married couple looking to purchase their first home. The wife is a self-employed beautician and the husband a self-employed gas engineer.

They were looking to purchase a three-bed terraced house in Cheshire. Between them, the couple had managed to save £50k but were hoping to use £40k as the deposit and hold back £10k for home improvements.

In particular, they asked us to find a lender which would consider just their most recent years’ accounts when calculating their maximum loan amount, as this period had been much more profitable.

We took the case to a specialist lender and discussed the situation with the underwriter. Happy that both husband and wife were a good risk, the following terms were offered:

 

Property Details

Property value: £400,000

Loan amount: £360,000

LTV: 90%

Rate: 2.25% 2 year fixed

Term: 25 years capital and interest

Lender arrangement fee: £999 added to loan

Mortgage payment: £1,242 pcm

Consultant: Erin Gallacher, 01625 416392   

NB: ANY PROPERTY USED AS SECURITY, WHICH MAY INCLUDE YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

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Mortgages for Business Ltd is authorised and regulated by the Finance Conduct Authority (No. 313537) to transact regulated mortgages. We are a credit broker, not a lender. We work with the whole of market in sourcing a lender for you; we may receive a commission from the lender, and this amount varies between lenders. The FCA does not regulate some investment mortgage contracts. Mortgages for Business Ltd is a founding member of the National Association of Commercial Finance Brokers, the body that promotes best practice within the commercial finance industry. Telephone calls may be monitored or recorded for training purposes.

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