Any lenders for special circumstances?

by Readers Question

23:47 PM, 25th June 2015
About 3 years ago

Any lenders for special circumstances?

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Any lenders for special circumstances?

Any lenders for special circumstancesI live in a rent and maintenance free house as part of my employment package, therefore my salary is reduced to reflect this.

I recently sold a property so have approx £100,000 deposit and hope to borrow £250,000 – £300,000 for a buy to let property.

Problem is because my salary is just shy of £25,000, and I don’t have a mortgage of my own, my adviser says only 2 lenders are willing to help, but at high fees/rates or expected rental return.

Are there any lenders who are not so blinkered and are prepared to take my case on more than face value? My affordability is better than a lot of folks (my employers also pay for all my car costs and I have income from a lodger)

Hoping for some good advice!

Thanks

Gail Sullivan



Comments

Mark Alexander

23:55 PM, 25th June 2015
About 3 years ago

Hi Gail

The short answer is YES.

Several lenders have underwriting discretion which they will apply for clients of their trusted broker partners based on business volume, relationships and loan book performance resulting from their previous introductions.

Brokers who rely purely on sourcing systems or do small volumes of business tend not to have these relationships. Perhaps your existing broker falls into this category?

Which lenders/products has your current broker recommended?

Have a chat with Mark Edwards - see >>> http://www.property118.com/member/?id=3042
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Puzzler

8:10 AM, 26th June 2015
About 3 years ago

That is rather odd, have you given them details of your total package? After all one usually quotes the gross salary, in which you can include your accommodation costs. This should give you a higher salary and increase the number of options.

Mark Alexander

9:00 AM, 26th June 2015
About 3 years ago

ComputerSaysNo copy

Gail Sullivan

9:21 AM, 26th June 2015
About 3 years ago

Thank you for the replies. Puzzler my broker only wanted my P60 and payslips - I pointed out more than once that my employer could provide a gross salary figure but he doesn't seem to think it will make a difference. Maybe he's the one being short sighted?!

Mark Alexander my broker has only provided 2 companies - Virgin Money (rent requirement very high) and Precise (high fees and rates)

Puzzler

16:38 PM, 26th June 2015
About 3 years ago

Your P60 should show accommodation because it is taxable as a benefit in kind. Or it may be you need to show the P11D, I am not sure but I am surprised they wouldn't take it into account.

Ashleigh

20:19 PM, 26th June 2015
About 3 years ago

Hi Gail, we have had a similar problem with lenders but you should ask your broker to look at The Mortgage Works (Nationwide) and Birmingham Midshires as neither of these ask for a minimum income. I believe that BM will lend on up to three properties and TMW have no limit. Hope this helps! Good luck!


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