Location: Windsor

Loan Amount: £1,600,000

Finance Category: Residential Mortgage

The Story

Fox Davidson were approached by a partner in a law firm as he was wishing to purchase a new main residence.

The Challenge

The applicant was a non-equity partner at his firm, meaning he received a base annual draw and also received an element of variable share income on top of this. He submitted tax returns and his income had increased considerably in the most recent year.  His projected income for the following tax year was looking to be at a similar level.

Most lenders will look at tax calculation (SA302) forms from HMRC to ascertain income levels and then average these over the last 2 years.  This did not provide enough affordability for this applicant to borrow the required amount.

The Solution

Fox Davidson requested the applicant obtain a letter from the finance director to provide an overview of his income and an estimated projection of earnings. Fox Davidson were then able to arrange a mortgage at high street rates for the applicant based on the letter provided and the most recent figures.

Fox Davidson work with equity partners, non-equity partners, fixed share partners, and salaried partners in law firms. Having an understanding of how income is paid enables us to liaise quickly with the correct lenders and provide the most cost-effective solution for our clients.

 

Fox Davidson

Fox Davidson is an award-winning team of property finance consultants. To discuss your property funding requirements, please email enquiry@foxdavidson.co.uk or call us on 0117 989 7950.

Sarah Fox-Clinch

Director & Property Finance Consultant

About: Sarah has been in the mortgage industry for over 20 years and has amassed considerable experience in complex lending situations. Her passion is assisting clients with high-value transactions, property with acreage, and lending based on complex income. Sarah’s work ethos is to focus on each individual and give the time and support needed to help them move forward with their lives.

Favourite Film: Alien or Blade Runner

Quote: “Wanting to be someone else is a waste of who you are.” – Kurt Cobain