| Property | Four-bedroom detached house |
|---|---|
| Location | West Bridgford, Nottingham |
| Client | Self-employed builder, 9 years trading |
| Product | Self-employed mortgages |
The challenge
A large contract was delayed one year, so the client's profits dipped before recovering strongly. Lenders that averaged two years or used the lower figure could not offer the remortgage he needed to consolidate a car loan and refurbish his kitchen.
What we did
We identified lenders willing to use the latest year's profit where an earlier dip is clearly explained. We supplied tax calculations, tax year overviews and a letter from his accountant on the delayed contract. We explained the cost of adding the car loan to a long-term mortgage, and he chose to keep that element small.
The outcome
The remortgage was approved at 68% loan to value on his latest year's profit.
Self-employed mortgagesMortgages for sole traders, company directors, contractors and partners with variable or complex income.
Learn moreImportant: Your home may be repossessed if you do not keep up repayments on your mortgage. There may be a fee for mortgage advice: up to 1% of the loan, typically £500.