The self-employed applicant and partner had received an offer from a high street lender, but even with savings they needed £50,000 more to reach the seller’s price.
The applicants were living with family and owned multiple buy-to-let properties. The regulated second charge loan of £50,000 was secured against a buy-to-let (BTL) property occupied by the applicant’s brother.
The applicant was self-employed and submitted a tax calculation and the partner, named on the application, used pay slips for the year ending April 2018. However, they did not meet Together’s affordability criteria.
Therefore Together supported the applicants to submit an accountant’s certificate showing income projections for the following year that met the criteria.
“This type of case demonstrates how we are able to take a flexible view, enabling the couple to realise their dream of home ownership despite complications in finance. We thoroughly examined the case and because one applicant was self-employed we looked at their current income and future projections,” said Nick Jones, head of specialist distribution at Together (pictured).
The case was presented to Together by online broker Loan.co.uk.
“This was a very urgent case that required multiple individuals to pitch in, combining time and resource to focus on a couple who were under significant pressure to complete the purchase of their new home. We brought the case to Together because we knew that its flexible approach was ideal for this scenario,” said Aaron Noone, regional director at Loan.co.uk.
Together has also hired Marylen Edwards as key account manager in the south and appointed Russell Harvey as specialist underwriter for London and the south east.
Edwards joins from Axis Bank, where she was head of BTL business. Her previous roles include spells as an independent adviser, Metro Bank’s commercial manager, and BTL and commercial broker at Mortgages for Business.
Edwards has been tasked with strengthening partner relationships through the Together+ initiative and expanding distribution of residential, commercial BTL and bridging finance.
“I’ve a diverse background in personal and commercial finance, including BTL, and can be a one-stop-shop for brokers,” Edwards said.
Harvey joins Together from Foundation Homeloans where he was a key account underwriting specialist. Before that, he was underwriter at Buckinghamshire Building Society and Bank of Cyprus, and held roles at Synergy Mortgages, Westminster Mortgages and Abbey National.
Harvey will work closely with Together’s head of London intermediaries, Sundeep Patel, to explain and promote the lender’s offers.
“I’m looking forward to developing some already great relationships with leading London brokers as Together extends its network in the region,” Harvey said.