£967,000 mortgage for clients with EWS1 problem and insufficient offer from another broker
What was the situation?
Our clients had an issue with the EWS1 status on their current home, which meant they could not release the extra money required to put towards their onward purchase.
They already had a mortgage offer from another broker, but they had been informed that 85% loan-to-value was the maximum they could borrow.
They needed to find a 90% loan-to-value mortgage, and without the extra funds, their new home purchase would have been jeopardised. The new family home in Surrey cost £1,075,000, and they needed a mortgage of approximately £967,000.
One of our clients was a banker; his partner was a doctor with additional self-employed income.
What was the solution and mortgage rate?
Our mortgage broker ran an affordability check during the initial call with our clients and indicated that, based on our information, it would be possible to borrow more money.
After receiving their documents via our digital client portal, he verified that we could secure the required loan amount at 90% loan-to-value.
He used their bonus income and the self-employed income generated from being an NHS doctor to increase the maximum loan size.
The clients found the process with the previous broker very tedious, and they appreciated our quick turnaround. Their two-year fixed rate was around 5.6%, and a mortgage offer was produced within six working days after the application was submitted.
Lending solutions with Trinity Financial
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The information contained within was correct at the time of publication but is subject to change.
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