I recently secured a bridging loan for self employed mortgage, for an expat client who was working in Switzerland. His wife lived in the UK and was in full-time employment, while he was self-employed. The property we were securing finance against was solely in his name, however, so would have to be based on his income alone.
This client was looking to purchase a new residential property in Stratford, London, and already owned a buy to let property that was on the market. This was taking a very long time to sell, so he needed something to bridge the gap in the meantime to fund the deposit for the new property.
This came with a very low loan to value (LTV), so my client did not require that much income. We were able to secure free desktop valuation because of this, however, the fact that he was both an expat and self-employed made tings harder. Most lenders use different criteria for those with self-employed income, while others have stopped lending for foreign currency mortgages altogether, since new regulations were launched by the Mortgage Credit Directive (MCD) in March 2016.
He had already considered taking out a personal loan before coming to Enness due to these difficulties, which would have been much more expensive and restrictive. I knew we would be able to help him with a cheaper and more beneficial solution.
Despite experiencing some issues from the solicitors (at their end), we were able to secure a very quick turnaround and have everything completed within just one month of my client’s enquiry.
This was an excellent result for my client and his wife, who were able to secure the necessary finance to purchase their new property quickly, easing the pressure while they waited for the buy to let property to sell.