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Case profile
We were approached by a client who was on an annual contract that ended in 2018. Upon finishing, the decision was made to take a year off and spend some much-needed time with family having saved enough funds to do so.
Returning to a new contract in late 2019, the client now wanted to secure a mortgage however there were a few complex factors that required greater consideration. Firstly, the client worked in Eastern Europe and was therefore paid in Euros. Secondly, it was a new contract and subsequently the client didn’t have the required two years average income to prove. They had previously had their income paid into their personal account but ran this new contract through their LTD Co. As such there were no historic accounts to support a lend based on the profit of the LTD Co.
Solution
To overcome this, Associate Director Paul Fredericks approached the lender and showed them 5 years worth of contracts and income. With this information they used a common sense approach and agreed to lend 65% LTV.
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