The Mortgage Lender (TML) has demonstrated its approach to ‘real life lending’ by helping a self-employed mortgage applicant secure around £230,000 in extra borrowing power in four days.
Working closely with Dynamo, TML worked in progressing the case for the client who was a self-employed director of a security company. TML used pre-tax profits and the client’s salary based only on the latest year’s figures to calculate their affordability and provide a mortgage offer.
The client was also seeking to capital raise, looking to remortgage and transfer equity from an ex-partner following the end of a relationship in order to afford the property. Taking this into account, TML’s assessment meant the client was able to borrow approximately £230k more by using them over a more traditional lender who may have a different way of assessing the same customers income.
From application to offer, TML was able to support the client in four working days, and complete in the same month, providing a loan at 75% LTV for the property.
Louise Apollonio, TML’s head of corporate accounts, 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 Mmanager at TML, has extensive experience working with complex cases and, combining this with Dynamo’s understanding of what our underwriters need to progress an application, the TML team were able to work quickly and efficiently to progress the case to offer.
“Securing a mortgage can be a pivotal moment for individuals, and with other life circumstances in play, we look to make the process as efficient and straightforward as possible for clients and our broker partners.”
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.”
