Pamela Atkinson
Senior Mortgage and Insurance Adviser
I am passionate about helping clients realise their dreams. In this blog post, I explain how a client was running her own business and had her sights set on a property, which she was worried she wouldn’t secure a mortgage for.
The Client
Sophie* came to me as director of a limited company, seeking a mortgage. She owned over 25% of the company and wanted to borrow more than her SA302s and corresponding tax overviews would allow.
How We Helped
Our first appointment: I met with Sophie to do an initial fact find of her circumstances. She had her eyes on a property that would be the ideal next step for her, but was worried that she wouldn’t be able to secure a mortgage for the amount needed, even though she felt confident she could afford it.
We looked at her full financial situation, taking into account all of her outgoings as well as her total income and the profit of the business. I reassured her I would do my best to find her a suitable solution and agreed I would go away and research the options available for her.
My research:
There’s a myth that it’s impossible for business owners to get a mortgage.
It can certainly be more complex but as an experienced mortgage adviser, I have access to over 65 lenders and a knowledge of the ones to approach, which are more likely look at a range of different criteria.
When it comes to limited companies, most lenders look at tax calculations alone – for Sophie, this would have meant she wouldn’t have met the requirements for the amount she wanted to borrow.
However, some lenders will look at the client’s salary and retained profit from the business as proof of their affordability for a mortgage instead. I used my connections to speak to a number of lenders and found one that would allow these figures from Sophie and in fact would lend her more than she had originally hoped for.
The outcome:
After securing a Decision in Principal, I put together Sophie’s application and I’m delighted to say it was accepted and he mortgage completed.
Sophie was over the moon and moved into her new home.
What Helping This Client Means to Me
I absolutely love helping fantastic clients like Sophie, who came to me expecting that it wouldn’t be possible to find a mortgage.
I enjoy using my knowledge, experience and connections to research a more complex case and find a solution that’s even better than my client had dreamed of. Hearing that Sophie had got the keys for the home she had her heart set on absolutely made my day.
*Not her real name. This is a real case study, but using a fictional name to protect client confidentiality.
