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Our client, a director of a limited company, was looking to purchase a detached family home. As well as using savings to fund the purchase, the client was remortgaging their current property which they were living in at the time, turning this into a buy-to-let.
The client initially attempted to arrange their mortgage with another mortgage broker, however they sought out our help after almost losing the purchase due to the other broker’s application falling through.
They were initially told by their mortgage broker that they could get the mortgage however, after submitting their application, the client was then baffled when they were then told the mortgage was not affordable. The broker dismissed the mortgage and said they couldn’t purchase the property they wanted.
Enter Private Finance…
It turned out that the previous broker had missed a trick, there was an alternative way to look at their income that would give a more favourable result. The other broker used a salary and dividend approach, whereas we realised that profitability in the business was higher than the drawings the client was taking from the business. Additionally, as the client was going to rent out their current home, we could also utilise this income to achieve more than the other broker originally thought was possible.
Whilst the client was relieved when we were able to swiftly secure the mortgage, we were still waiting for the buy-to-let offer from the other broker. It turned out they had messed up on this application up too! With everything up in the air, the client sought our help once again. We were able to review the case and managed to sort the mortgage offer within a week again saving the deal.
In the end, they were delighted when we were able to save the sale, get their mortgage through quickly and get them even more borrowing than they had initially been told.