The Mortgage Lender (TML) has assisted a self-employed couple with an interest-only loan for a £1.6m property, using the sale of another UK property as the mortgage repayment vehicle (MRV).
The couple turned to TML after another lender offered an insufficient loan based on their affordability, and time was running out as the property was close to being re-listed on the market.
The case was complex because the self-employed applicants had three distinct income streams to consider, including pre-tax profits, partnership income, and additional land and property income.
TML accounted for all income sources and approved a large loan at 60% LTV – double the amount offered by the previous lender.
Louise Apollonio, head of corporate accounts at The Mortgage Lender, said: “Real life lending is at the heart of what we do, and so for those who have more complex income streams we look at how we can factor these in to help boost an individual’s affordability, particularly when they may have previously been told no or have more limited options offered to them before.
“The success of this particular case is also a testament to our team, with Alice and Leanne working efficiently together and regularly communicating with the broker in order to progress the case forward to achieve the customer’s property goals.”
Dev Sopal, managing partner at Utopia Financial Partners Ltd, said: “Cases like this can be more challenging to place, especially when they involve complex incomes, large loans, and have a tight timeframe to work to.
“However the team at TML were incredibly responsive and knowledgeable which made working with them a seamless experience.
“They were on hand every step of the way, clear in their communication, and had a real positive attitude which made them a joy to work with.
“We were pleased to offer the customer exactly what they needed in order to make the next step on their property journey.”
