- Clients: Home movers with international connections
- Property: New-build home
- Requirement: Residential mortgage
Enness was approached by clients who were selling their existing home to purchase a new-build property. Both clients were preparing to go through significant changes in their working lives, which created an immediate challenge when it came to demonstrating their income and providing the usual documentation required by lenders.
The new-build nature of the purchase added another layer of complexity. The property included builders’ incentives as part of the transaction, meaning the clients needed a lender that was comfortable with the specific structure of the purchase and had the appropriate appetite for new-build lending.
There was also considerable time pressure. The developer required all purchases on the development to complete within a couple of weeks, leaving little room for delays. Given the clients’ changing circumstances and the international elements of their financial profile, they needed a broker and lender that could understand the situation quickly and keep the application moving.
Enness reviewed the clients’ circumstances and identified a lender that was comfortable with their forthcoming changes in employment circumstances and the structure of the new-build purchase. We moved quickly to progress the application and secured a mortgage offer within the required timeframe.
The clients were also highly responsive when documentation was requested, which helped avoid unnecessary delays during the underwriting process. This combination of careful lender selection, efficient communication and prompt responses from the clients allowed the transaction to progress towards the developer’s required completion date.
The case highlights how a new-build purchase can become more complicated when combined with changing employment circumstances and additional elements such as builders’ incentives. In these situations, finding a lender comfortable with the full circumstances of the transaction can be just as important as the mortgage terms themselves.
Enness works with lenders across the UK and internationally and has experience arranging residential mortgages where borrowers have complex income or cross-border circumstances. If you or your clients are purchasing a new-build property and need help navigating a more complex mortgage application, speak to a mortgage specialist to discuss your requirements.
Disclaimer:
This case study is for illustrative purposes only and does not constitute financial, legal or tax advice. Finance is subject to status, affordability, underwriting and lender criteria. Terms and availability will vary depending on individual circumstances, the property and the proposed transaction.
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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.
