Enness was approached by a professional dancer seeking to purchase a first home in London. The client was self-employed and had only one year’s accounts available, alongside an accountant’s projection for the following year.
The application presented an affordability challenge, as the client wanted to borrow at around five times income. With limited trading history available, the key consideration was finding a lender prepared to assess the application using the available financial information rather than relying solely on a longer history of accounts.
The client had initially sought assistance elsewhere but had been unable to secure a suitable solution. Enness therefore reviewed the circumstances and focused on lenders with experience in assessing self-employed borrowers with shorter trading histories.
OUR SOLUTION
Enness identified a lender able to manually assess the application and consider the client’s current accounts alongside the accountant’s forward projection. This provided a broader picture of the business and its expected financial position.
The lender was also comfortable considering the requested level of borrowing, subject to its affordability assessment and underwriting criteria. Enness’ established relationship with the lender helped ensure the structure of the application was clearly presented.
A two-year fixed-rate mortgage was arranged over a 35-year term, allowing the client to proceed with the purchase of their first London home.
This case demonstrates how specialist mortgage sourcing can assist self-employed borrowers whose financial history does not fit conventional lending criteria. Where only a limited trading history is available, access to lenders offering a more individual approach can help create suitable financing options.
Disclaimer:
This case study is for illustrative purposes only and does not constitute financial, legal, tax or investment advice. Finance is subject to status, underwriting, affordability, property suitability and lender criteria. Terms, rates, LTVs and availability may vary depending on individual circumstances.
Risk Warning:
Your property may be repossessed if you do not keep up repayments on your mortgage or other borrowing secured against it. Property values can fall as well as rise.
Information contained in our case studies is for market and illustrative purposes only. In some cases, these may be made up of multiple cases and are for illustrative purposes only.
Some case studies are made up of enquiries that have come into the business, not all business completes, and the posting of a case study does not represent a completed piece of business.
Property values can fall as well as rise, and you may not get back the amount originally invested. Property investments can be illiquid and may take time to sell. Where borrowing is used, your property may be repossessed if you do not keep up repayments on a mortgage or other loan secured against it.
