The Mortgage Lender (TML) recently played a pivotal role in assisting a self-employed couple with their £1.6m property purchase.
- Facing constraints from a previous lender, the couple was at risk of losing the property to market re-listing.
- TML successfully approved an interest-only loan with a 60% loan-to-value, accommodating the couple’s multiple income streams.
- The efficient collaboration within TML’s team ensured swift processing to meet tight deadlines.
- This case exemplifies TML’s commitment to complex income considerations, benefitting clients with limited options.
The Mortgage Lender (TML) effectively facilitated the acquisition of a £1.6m property for a self-employed couple. Initially, the couple faced challenges as a previous lender provided an inadequate loan offer, jeopardising their ability to secure the property which was close to re-entering the market.
TML intervened at a critical moment, granting an interest-only loan with a substantial 60% loan-to-value ratio. This intervention was crucial as it took into account the applicants’ diverse income sources, which included pre-tax profits, partnership income, and additional property income, all of which were initially overlooked by their former lender.
Louise Apollonio, head of corporate accounts at TML, highlighted that their approach focuses on truly understanding the uniqueness of each client’s financial situation. Apollonio stated, “Real life lending is at the heart of what we do, and so for those who have more complex income streams we look at how we can factor these in to help boost an individual’s affordability, particularly when they may have previously been told no or have more limited options offered to them before.”
The success of this lending process was also attributed to the seamless coordination between TML’s internal team members, Alice and Leanne, who maintained clear and consistent communication with the brokers involved. This efficient teamwork ensured the timely progression of the application, ultimately allowing the clients to achieve their property goals.
Dev Sopal, managing partner at Utopia Financial Partners Ltd, praised TML’s responsiveness and expertise. Sopal remarked, “The team at TML were incredibly responsive and knowledgeable which made working with them a seamless experience. They were on hand every step of the way, clear in their communication, and had a real positive attitude which made them a joy to work with.”
The case underscores TML’s commitment to accommodating complex income situations, providing efficient and tailored financial solutions.
