The Mortgage Lender (TML) recently progressed a self-employed residential application to offer in six working days.
The client was a self-employed director of a limited company with only one year of accounts. To calculate their affordability, the lender used pre-tax profits for the limited company based on the latest year.
TML streamlines the required evidence and documentation a self-employed individual needs to present, which differs from the approach to affordability checks taken by some traditional lenders.
The broker, Nouveau FS Group, also played a significant role in progressing this case through quickly, providing all the necessary documentation from the client upon request. This meant the application could be fully packaged on the first day and a physical valuation of the property was progressed and completed promptly after.
Within six working days a formal mortgage offer at 78% LTV was provided to the client.
David Eaves, head of sales at The Mortgage Lender, said: “We strive to offer more choice and more value to both brokers and their clients, and this case was the epitome of our real-life lending approach. Nick Coupe from Nouveau FS Group, Joe Noon, our BDM for East Central and Tommy Welsh from our underwriting team worked efficiently on the case together and demonstrated their excellent working relationship.
“This ultimately enabled a mortgage offer to be made in a very short timeframe. Our forward-looking approach to affordability also set us apart from other lenders in the market, helping the client achieve their homeownership goals.”
Nick Coupe, broker at Nouveau FS Group, added: “TML demonstrated a great level of service to myself and my client, and ultimately it led to the case being progressed quickly and a mortgage offer made in only a number of days.
“Joe and Tommy were always on hand and communication was very clear every step of the way, helping lead to a favourable outcome for all involved. I look forward to working with the TML New Lending and Underwriting teams in the future.”
