Navigating a Complex Credit Profile to Secure a £930,000 Loan for a Central London Property

Key Details:

• Property: Central London property valued at £1,200,000
• Loan Amount: £930,000
• Rate: 5.67% 5-year fixed (Amortised)

Enness was recently approached by a client who had their heart set on a prime central property in London for themselves and their family. The client earned a solid income but had recently set up a limited company to increase the efficiency of their income.

Lenders faced a challenge as they needed assurance regarding the sustainability of a double-working arrangement. This was further complicated because one of the employment contracts was ending soon. Qualifying for a mortgage with an irregular income structure and poor credit can be daunting for most.

The client’s credit history was significantly impaired due to unforeseen circumstances, which made them ineligible for most high-street lenders’ lending criteria. Usually, with high-street lenders, there is a strict limit on how much you can borrow.

Maximising the loan size was one of the most important factors for the client. We also needed the lender to calculate affordability by utilising both employment contracts instead of relying solely on the year of the company’s accounts. Again, an approach to calculating affordability that not all lenders use. Enness was in constant communication with agents and the vendor, given the strict timeframes we were operating under.

Challenges:

• Double-working arrangement 
• One employment contract ending
• Finding a lender who could work with both employment contracts 

Considering these challenges, Enness found a suitable lender for a client with a complex credit profile who wanted to use both day rate contracts. Enness secured a loan of £930,000 for the client and communicated directly with the underwriter to present a strong, successful case. With the client’s determination for this property, Enness ensured that a fantastic debt-solution was delivered for a very grateful and deserving client.