Mortgage Case Study
Contract Worker
Michelle Jones, an IT contractor based in London, needed a mortgage of £500,000 to purchase her first home. After approaching several high street banks direct they were all unable to help. As she received payments through her limited company they all based their lending on her last two years’ salary and dividends of £50,000, which equated to her needing 10 x income.
Seico with their knowledge of this market was able to offer several lenders prepared to work on her actual contract day rate, annualised over a 46 week year. Therefore her £500 per day contract actually grossed up to an income of £115,000, and on this basis were able to secure her a mortgage of £500k at an extremely competitive rate. She moved into her new house just four weeks after we took over her case.
Standard MortgageEmployed and just looking for a straight forward mortgage? Whether you are just starting to look for a property to purchase or have found “the perfect one” and are ready to make an offer here is a huge benefit in using Seico Mortgages to source the right deal for you. |
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