A week before exchange of contracts my mortgage was declined by my lender11th December 2014
I had a client who is a corporate lawyer working for a large American Law firm. The client is classed as an equity partner, responsible for her own tax and was renumerated by invoicing the law firm. Her partner is a fitness instructor on a part employed, part self-employed basis. She banks with HSBC and was promised a loan on a property in Putney of 70% of the property value. The client also has a rental property in the background, which is self-funding and mortgaged with HSBC as well.
A week before exchange of contracts HSBC declined the loan, Curchods Mortgage Services were asked to step in at short notice to try and salvage situation, as the client now feared losing the property.
Knowing that this type of case would be best served by using a lender with a specialist large loans team, who would understand the nature of our client’s income and also provide market leading interest rates, I spoke to Nationwide's large loans department. We ran through the employment structures and documentation needed to support the application i.e. SA302s, confirmation of accountant details to write for reference and a letter from the employer confirming remuneration package of guaranteed earning along with share of profits. On gaining the lender’s agreement, the application was sent across to Nationwide who produced a mortgage within 10 days, which mean that the property purchase succeeded and this resulted in very happy and relieved clients.
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