Clients who are asset rich can often find it hard to secure a mortgage thanks to unusual income profiles, including these scenarios:
- Owning a substantial, high value property
- Having substantial cash, investments and/or pensions
- Being retired or on a career break
- Recently going through a divorce
Appearing to have low income relative to borrowing needs
Whatever makes their income unusual, we treat each applicant as they are – unique. TFI is confident in finding mortgage solutions for atypical clients and can evaluate a variety of financial assets for income, using potential drawings on investments to boost affordability.
UNUSUAL INCOME: PROBLEM SOLVED
We recently arranged a short term mortgage for a couple in their 70s looking to purchase and update the perfect retirement home, selling their current property at a later date.
State pension income was insufficient for affordability, but by monetising a SIPP worth £500k we created sufficient income, avoiding an expensive bridging loan and allowing them to purchase and then sell chain free.
WHAT’S HOT?
- Part repayment/part interest only solutions available
- Income from pension, savings, investments and property assets taken into account
- Bonus acceptance up to 75% LTV
ERC free short-term lending also available
