From multiple applicants to non UK residents, we relish the challenge complex cases bring.
Discover some of the cases we can work for you and your clients.
Cases with multiple applicants:
Mum, Dad, Son and Daughter have inherited a property and are looking to renovate it and rent it out. This will be an unencumbered buy-to-let and income and expenditure will need to be calculated for all applicants. Due to the age of Mum and Dad at the end of the term it also falls into the lending into retirement bracket. Some people would look at this case and maybe see problem after problem, not us, we love cases like this.
The 2nd applicant is not on the deeds:
Michael the Son is the 2nd applicant on the loan. Michael doesn't live at the property, he isn't on the mortgage and he is a non-benefiting party. He is solely on the application to boost the income to make the loan affordable for his Mother.
The 1st applicant is the father who owns his own business and is 66 years old, the 2nd applicant is his daughter who is a non benefiting party, however her income is needed for affordability purposes. The father plans to sell his business in a few years and then transfer the property to his daughter. There are several potential pitfalls which surround this case, one being the father and lending into retirement, two, the daughter is a non-benefiting party and three the business may not sell for the anticipated figure in a few years time. After being rejected by five lenders we have now had an approval, subject to the daughter having Independent Legal Advice.
Non UK Residents:
A Greek national, lived in France and had a buy-to-let property in the UK, after many many phone calls between the applicant, various lenders and ourselves we succeeded in securing funds on the UK buy-to-let, the applicant had spent almost 11 months trying to raise funds, we got a decision in just several weeks.
There are also lots of UK nationals who work outside the UK and don't pay UK tax. An example of this are people who work abroad for oil companies. If they can provide evidence of a regular salary going into a UK bank account, these can often proceed if everything else fits criteria.
We work with lenders who will often take a responsible view on bankrupts, on a case by case basis. We have lenders on our panel who will work with us to help your clients by lending the funds to clear off the bankruptcy.
We also work with lenders who will work with your clients, even if they have entered into an IVA or are on a Debt Management Plan.
So what we are trying to say here is, don’t dismiss those cases, which at first appear to be going nowhere.
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