When it comes to clients with complex incomes it can be difficult to find a ‘mainstream’ lender who’ll consider the loan size your client wants.
It can leave you turning to more specialist lenders who might help but it can mean your client has to pay a higher interest rate.
One of the last lenders you might think to try is us. At Accord we wanted to change our approach to help you to help your customers so we’ve adopted something we grandly call ‘Principle Based Lending’ or to put it another way ‘good old common sense lending’. In other words we’ll try and find a way to lend.
Case study: Making complexity simple
We were approached by a broker looking to place a purchase case on behalf of his clients for a large six figure loan.
One of the clients was a partner in a law firm for three years, but had an inconsistent track record when it came to their income. It had fluctuated due to a variety of reasons including employment status and maternity leave. But, the broker knew this was a good case for the right lender and we agreed.
The usual way to prove income is using the applicant’s SA302. In this case, this wasn’t going meet our affordability for the size of the loan required. But the client could provide a partnership letter which confirmed the latest year’s income and future earnings. Our Underwriters, working with the BDM, were happy to use this information when establishing the viable income. So, we could lend the clients the loan they required at a competitive rate.
To make sure the case went through smoothly, our BDM worked with the broker to get the necessary documents. And when the DIP was submitted the BDM made sure there were no hiccups in the changeover to a full application.
But the care with this case didn’t end there. The broker had direct access to the underwriter to discuss the case anytime they needed to. It meant the application was case processed quickly and the client got the mortgage amount they wanted.
So when you’ve a tricky income case to place, before you head to the specialists, take a few minutes to talk to us at Accord. You might be pleasantly surprised.
