The Mortgage Lender (TML) has significantly increased the borrowing ability of a self-employed mortgage applicant, enabling an additional £230,000 in funding within just four days. This case exemplifies TML’s commitment to real-life lending solutions, particularly for clients with non-traditional income streams.
Working in collaboration with Dynamo, TML efficiently processed the case for a self-employed director of a security company. Utilising only the most recent year’s pre-tax profits and salary to assess affordability, TML tailored a mortgage offer that also supported the client’s need for capital raising. This was part of the client’s effort to remortgage and transfer equity following a relationship breakdown, a scenario often complicated by traditional lending metrics.
Louise Apollonio, head of corporate accounts at The Mortgage Lender, said: “Our core ethos is about real life lending, supporting the self-employed and those with less traditional income streams, and this case demonstrated just that. Not only did we work quickly to provide the client with a mortgage offer within just a few days, but our affordability assessment also meant they could borrow a much greater amount based on their salary and pre-tax profits from the last year.”
Alice Baggott, key account manager at TML, along with Dynamo’s expertise, ensured the application moved swiftly from initiation to offer, culminating in a mortgage completion within the same month. TML provided a loan at 75% loan-to-value (LTV), effectively meeting the client’s homeownership objectives.
Tony Field, sales and operations director at Dynamo, added” “At Dynamo we are constantly dealing with complex lending scenarios and it’s always great to see these success stories as they happen. The required affordability assessment would rule out most lenders, however TML were able to assess the income and get comfortable with what was presented. To do all this in such a short space of time is impressive and a testament to the dedication of the TML team.”
