Private Label has arranged a Rockstar mortgage for a self-employed doctor within two weeks of launching the range, designed for individuals who defy conventional norms.
In this particular case, the applicant wanted to borrow £724,000 on a property valued at £2m to pay off the current mortgage, and raise an additional £100,000 to finance home improvements as well as some debt consolidation.
The applicant was a self-employed doctor whose profits declined in the past year because his previous two years had included Covid-19 overtime and more hours, which caused an issue with some lenders.
In addition, the property was Grade 2 listed with 12 acres of land.
Next to the client’s house he owned two holiday lets on a separate title, which were not rented at that point.
These background mortgages and the associated affordability considerations meant mainstream lenders we unable to help, even though the client only wanted to borrow 36% loan-to-value (LTV).
The Rockstar Range, which was launched at the start of July, features interest-only lending up to 90% LTV, including into retirement, and flexibility regarding self-employment and complex income, with criteria that accepts professional individuals with less than 12 months’ trading history and other scenarios that frequently apply to affluent professional borrowers.
The range will also consider foreign nationals with less than 12 months in the UK and will accommodate large loans exceeding £5m.
Paul Brett (pictured), project lead at Private Finance, said: “We’re pleased to get this first case through the door, and it’s a great case to demonstrate exactly why the market needs a lending platform like Private Label.
“This highly accomplished self-employed doctor and entrepreneur sought to secure a low LTV loan for home improvements and financial restructuring.
“Despite his stellar track record and substantial assets, the complexity of his financial situation made obtaining the necessary loan challenging.
“Our bespoke approach enabled us to assist this exceptional individual, who distinguished himself from typical profiles and didn’t conform to standard lending criteria.”
