Case study: Residential remortgage for self-employed homeowner offered in 10 days
Written by Luke Stevenson
Location: Solihull
Loan amount: £622k
LTV: 67.24%
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A homeowner who had recently purchased their new home at auction wanted to remortgage to repay the bridging loan, as well as raise funds to put back into their business.
With the bridging repayment in mind, we needed to act quickly to secure the mortgage on the customers’ new home.
Self-employed, we verified her income from accounts and were able to base lending off of the most recent yearly figures.
In total it took 10 days to go from the applicant paying the valuation fee to the full mortgage offer being conditioned, which allowed them to proceed quickly with the legal works and clear the bridging loan.
James Gordon, the underwriter for the case, said: “This brought together a lot of our specialties, residential mortgages for the self-employed, bridging loans and needing to move fast against tight timescales.
“Because of this we were able to move quickly, find the right solution for the broker and customer and make sure they got the mortgage they needed for their different needs.”
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LendInvest Mortgages and LI Mortgages are registered trading names of LendInvest Loans Limited.
LendInvest Loans Limited is authorised and regulated by the Financial Conduct Authority (FRN:737073).
LendInvest Loans Limited is a company registered in England & Wales (Company No. 09971600) and is a wholly owned subsidiary of LendInvest plc.
Regulated lending is provided via LendInvest Loans Limited. Borrowing through LendInvest Loans Limited involves entering into a regulated mortgage contract secured against property. Your property may be repossessed if you do not repay your mortgage in full.