There are numerous reasons why a borrower may fall under the “complex” case category and need the services of a specialist lender. While it’s clear that a one-size-fits-all approach won’t work in these cases, they can be difficult to place and throw up obstacles and challenges that are unpredictable.
What if your client has non-standard income?
There are many professions where evidencing your income can be complicated. If you have clients that are self-employed, work on a contract basis, are sole traders, or have an inconsistent income, they could face problems when applying for a mortgage with mainstream providers.
Individuals with “unconventional” professions – such as actors, musicians, and athletes – may find it hard to evidence the level and consistency of their income, even if they have significant accumulated wealth and reliable sources of cash flow.
Even those who work in traditional industries, such as lawyers and tradesmen, can still have inconsistencies in their income, and may find it difficult to secure a mortgage.
Could Kent Reliance for Intermediaries provide the solution?
Specialist mortgage providers like Kent Reliance for Intermediaries offer tailored loan solutions that give flexibility to clients with unique needs. The specialist lender is experienced with self-employed and contractor clients and has a range of products with more flexible criteria.
Current key criteria include:
- Options for self-employed and contractors
- 100% of a second income
- 50% overtime, bonuses and commission considered
- 100% of guaranteed permanent allowances
- 100% of child maintenance by court order (up to 13 years old)
- State pension, provided it isn’t the sole source of income
- Furlough income acceptable
So if you’ve got an ‘odd’ case in mind, why not get in touch with your local senior business development manager today or speak to the broker liaison team on live chat or on 01634 888260.
