The client: Our client is a partner in a high-end law firm who wanted to remortgage.
However, the problem he faced is that he had only recently joined the firm’s partnership scheme so had no payslips or invoices to evidence his income. All he had was a partnership letter confirming his earnings. One option was to wait several months until he has the necessary evidence that most lenders require but that would have meant moving onto his existing lender’s much higher standard variable rate (SVR) while he waited for that to happen.
When the client approached us for help, we needed a lender which was prepared to calculate our client’s affordability on the basis of the partnership letter confirming his earnings, and agree to lend on this basis.
Key requirements: –
• A lender prepared to agree to the remortgage of the client’s property for the full amount.
• A lender prepared to take into account the client’s partnership letter as proof of income.
After sourcing the market, we identified a lender who agreed to lend the full amount required, using the partnership letter as confirmation of earnings.
The application process: To support the mortgage application, the client provided the partnership letter, as well as evidence of his identity. We were delighted to inform him that a lender had issued a formal offer for the full amount requested.
• Property value: £550,000
• Loan amount: £184,000
• LTV: 66%
• Rate: 4.58% fixed for two years
• Lender product fee: £0
• Monthly payment: £1,346