Location: Cardiff

Loan Amount: £365,000

Finance Category: Residential Mortgage

The Story

Fox Davidson were contacted by a customer that needed two mortgages. They were buying a property to live in but also wanted to keep their existing property and switch it to a buy to let mortgage.

The Challenge

Our client had recently incorporated a new veterinary business and only had one year’s accounts. His current lender would not lend and so he needed a solution from across the mortgage market.

The Solution

Fox Davidson specialise in mortgages for professionals. Although our client only had 1 year’s Ltd company accounts, they had been practising as a vet for over 10 years, previously in an employed role. We recommended that our client use the same lender for both the let to buy mortgage and the purchase mortgage. The lender was happy to use the net profits plus salary from the one year’s accounts as they had comfort that the client had historically always earned enough to afford the mortgage. They also took comfort that our client was a professional and finding gainful employment would likely never be a problem.

Fox Davidson

For more information on interest-only mortgages or to speak to us about general mortgage advice, please contact a member of the Fox Davidson team today, email enquiry@foxdavidson.co.uk or call us on 0117 989 7950.