13th May 2024
A young couple are looking to part-exchange properties with a builder.
The issues facing this case were:
The warranty provider was not on the Society’s acceptable list.
The business owned by one of the applicants is a new venture and has been operational for less than two years, and the first year of trading operated at a loss.
This applicant will take maternity leave in July and will not return to work within three months of completion.
The other applicant needed 100% of their bonus payment to meet affordability.
Our flexible lending policy empowered our underwriters to approve this case by:
Reviewing the warranty type and adding it to our acceptable list of providers.
Evidencing the first applicant’s self-employed earnings should only increase and, based on employment history, could command a similar salary if they needed to return to employment.
Considering the low LTV, which is a sign of commitment on the applicants’ part, and clarifying through an accountant’s report that the business has been well thought out and is sustainable enough to support affordability with a combination of trading and projected accounts.
Accepting the entire bonus for affordability as they could provide evidence on their last 2 March payslips.
We want to support young buyers and help them start building a life for themselves by finding a way to say yes.
We personally underwrite all cases, and quirky is our speciality. Get in touch with our team today!