The case in brief
- Client: Indian national and UK resident
- Property type: Residencial purchase
- Property value: £955,000
- Loan Amount: £688,500
- LTV: 72%
As is the case with many dentists, much of their work is often divided between NHS work and private work. Many high street lenders will shy away from an atypical income, even if this mix totals a significant gross income. As our client discovered, working with an expert in this area can produce the desired results.
The client
Our client was an Indian national with indefinite rights to remain in the UK. To find out more about property finance for non-UK national clients, explore our page UK Mortgages For Foreign Nationals.
Their income was a combination of NHS work and through private practice. As a first-time buyer, our client required a mortgage based on 6 times their income but with the unusual mix of income streams, they were finding it increasingly difficult to acquire the mortgage they needed.
Many lenders were hesitant to lend due to the fact that private income may not always be steady, but Articus Finance was able to demonstrate the client’s ability to afford the repayments.
Our solution
Having worked with many similar clients, we understood the bespoke needs of this client. Working in partnership with a niche-building society, whom we have forged an excellent relationship with, we were able to meet the client’s target of 6 times their income.
This was achieved by enabling the full incomes of both their NHS and private work to be considered towards the application.
As a result, the client was able to finance their first UK property, maximising their income and achieving a loan of £668,500 towards their total property price. Many clients such as this can be left frustrated through being rejected by many lenders, in spite of the fact that their earnings can easily afford the repayments. Articus Finance was able to remove the stress from this situation and achieve a satisfactory outcome for the client.
We work with many clients who do not always have a typical income stream, which can cause issues when looking to finance high-value properties. Read more about our mortgage services, or speak to a broker today.