When applying for a mortgage, those who are self-employed always come up against more complications than those who aren’t. Many people come to Enness because of our celebrated track record of helping self-employed people obtain high value mortgages with a high loan to value (LTV).
One such client came to me after hearing about Enness’ reputation. He was a self-employed solicitor having begun his own business venture just one year previously which was the first difficulty as a high street lender would typically require that a client has 2 years of experience at the very least before offering a mortgage. To add to this, my client was seeking a mortgage on a £1.35million property in an exclusive area of South London and he required the maximum LTV – around five times his income.
An LTV of 85-90% is incredibly difficult for loans over £1million. Any other broker would struggle with a mortgage application based on these complications, but Enness is different.
Finding a flexible lender was key here. By demonstrating my client’s formidable experience in his field of work and showing his fixed profit share in his business, this gave the recommended lender good grounds to ensure his affordability. I was able to encourage the lender’s high value team to take a holistic view and understand that my client’s income was expected to increase over the term of the loan.
I managed to negotiate a rate of 1.92% over a 2-year fixed term at 85% loan to value. This is an outstanding rate we achieved considering the client’s circumstances, and he was pleased with such a high LTV. As well as this my client invested in Enness’ buildings insurance and protection review, and I was very pleased to have provided him with three excellent services.